Feeds

Vodafone flogs stake in Japanese carrier for £3.1bn

Needs cash to chip at debt

Choosing a cloud hosting partner with confidence

Vodafone is to sell its non-controlling stake in the Japanese carrier Softbank for £3.1bn, it announced today.

It follows the disposal of its 3.2 per cent interest in China Mobile in September. The cash from both sales will be used to pay down debts and placate investors with share buybacks.

The group said it will now focus on markets in Europe, Africa and India.

The announcement came alongside strong half-year results. Revenues were up 3.9 per cent on the same period a year ago, to £22.6bn. Adjusted operating profits rose 2.7 per cent, to £6.07bn.

EBITDA fell by 1.2 per cent to £7.36bn. However, the slip was smaller than investors expected. The full year profit forecast was raised to between £11.8bn and £12.2bn.

Vodafone still faces anger in the UK over its tax affairs. Protestors closed its high street stores in October over a deal with HMRC that will see an estimated £6bn bill unpaid. Vodafone has declined to comment on the settlement.

At time of writing the firm's shares were trading up almost three per cent. ®

Secure remote control for conventional and virtual desktops

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Reducing the cost and complexity of web vulnerability management
How using vulnerability assessments to identify exploitable weaknesses and take corrective action can reduce the risk of hackers finding your site and attacking it.