Embattled telecoms giant, Vodafone, today announced its decision to sell its 25 per cent stake in Belgium’s dominant telecoms group, Proximus, to Belgacom.
The sale, which will go towards reducing Vodafone’s recent heavy losses, is worth Eur2bn (£1.35bn).
Belgacom is 50 per cent owned by the Belgian government and already owns 75 per cent of Proximus. The deal will complete Belgacom’s ownership of the group and, according to observers, make it easier to manage and react to market trends.
Vodafone chief executive Arun Sarin said in a statement: “We have enjoyed a long and successful relationship with Belgacom, and together have built the leading mobile operator in Belgium. We do not, however, see ourselves as the most appropriate long-term holder of this minority stake. In line with our strategy of actively managing our portfolio and maximizing returns, we have achieved an attractive price with this sale.”