The world's biggest wireless carrier Vodafone Group said this morning it clinched an additional 10 per cent stake in Japan's number three carrier Japan Telecom Co Ltd for $1.35 billion.
The deal puts Vodafone's stake in Japan Telecom at 25 per cent giving the British firm a bigger slice of the world's most advanced wireless market three months before ultra-fast third generation (3G) mobile phones get a global debut in Japan.
Vodafone is awaiting shareholder approval in order to become a major shareholder in Eircell.
The company, which just completed another $2.5 billion deal to buy into China Mobile (Hong Kong) Ltd, said it would be willing to further increase its stakes in the two Asian wireless operators if given the chance.
Vodafone's latest international share purchase raises questions over whether rival carrier British Telecommunications Plc will hold on to its 20 per cent stake in Japan Telecom.
China Mobile has said Vodafone would have preferential access should further investments be made.
Vodafone shares were 1.99 per cent higher at 10.00 GMT - outpacing the FTSE 100 which was up 0.55 per cent.