Vodafone to Sell Japanese Unit

20 March 2006

    NEWBURY, UK - Vodafone agreed Friday to sell its struggling Japanese cellphone business to local internet and telecoms group Softbank. The agreed price is ¥1.8 trillion ($15.53bn; €12.73bn; £8.84bn) - one of the largest acquisitions ever seen in Japan.
    Vodafone chief executive Arun Sarin hailed the price as "attractive".
    The unit has been losing customers in the face of fierce competition from domestic operators such as NTT DoCoMo and KDDI. The deal is expected to be completed early next year.