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Vodafone flogs off Japan Telecom for £1.4bn

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Vodafone today said it will sell of its Japanese fixed line business, Japan Telecom, for ¥261.3 billion (£1.4 billion) in a mix of cash and stock.

The deal, carried out through Vodafone subsidiary Japan Telecom Holdings (JTH), in which the mobile phone company has a 66.7 per cent stake. JTH owns all of Japan Telecom. Vodafone took control of JTH - and this Japan Telecom - in 2001 under then chief executive Chris Gent.

The buyer is Ripplewood Holdings, an investment organisation that specialises in Japan. JTH will receive ¥228.8 billion (£1.2 billion) of cash and ¥32.5 billion (£0.2 billion) of redeemable preferred equity. The total figure reflects how much both buyer and seller expect Japan Telecom to be worth next October. JTH will retain the stock "at least until July 2004", Vodafone said.

The acquitision is expected to be completed in calendar Q4. However, Vodafone will cease to incorporate Japan Telecom results into its own from early October. ®

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