Mobile phone group Vodafone has sold its Japanese subsidiary Japan Telecom for 261.3 billion yen (€2 billion).
US-based investment fund Ripplewood is to pay 228.8 billion yen in cash and 32.5 billion yen in transferable preference shares for Vodafone's 66.7 per cent stake in Japan Telecom.
Vodafone chief executive Mr Arun Sarin said Vodafone remained a significant investor in Japan through its mobile subsidiary J-Phone.
Vodafone said it will use the proceeds from the sale to pay off some of its consolidated net debt, which totals €20 billion.