Vodafone sells minority stake in SFR
It has been announced that Vodafone will be selling it’s 44 per cent stake in a deal worth £7billion.
The French mobile phone firm SFR will be sold to senior partner Vivendi. The sale is due to be signed and sealed by June and is in line with Vodafone’s strategy to reduce it’s portfolio of oversea’s assets.
The mobile phone giant has recently been shrinking its portfolio, this has included selling of minority stakes in China and Japan and Poland is expected to be next.
Chief executive Vittorio Colao said: ‘Our board remains committed to realising maximum value from our non-controlled assets. The sale of our stake in SFR represents a significant further step in the execution of this strategy.’
Vodafone’s shareholding in SFR, France’s second largest mobile phone company, contributed £573million to operating profits in the year to the end of March and £284million in the six months to September 30.
When the deal is finalised in June, media giant Vivendi will own 100 per cent of SFR.