Vodafone finalises a £6.8bn sale of its 44 per cent holding in SFR
VODAFONE yesterday announced it has completed the £6.8bn sale of its 44 per cent stake in SFR to joint venture partner Vivendi.
The world’s largest network provider by revenue will also receive a final dividend from SFR of £176m.
The pair have agreed terms for a new two-year commercial partnership that will enable Vodafone customers to use SFR signal when in France.
Analysts believe Vodafone negotiated a good price for the asset, especially after Vivendi signalled it would not pay more than £6bn.
It said a planned £4bn share buyback program associated with the deal will “commence shortly”.
The sale is part of Vodafone’s strategy to exit its non-core assets.
It has already sold its minority interests in China and Japan and is now likely to turn its attention to divesting its Polish assets. Analysts estimate its 24.4 per cent stake in Poland’s Polkomtel could be worth about €1bn (£879m).
Earlier this year Vodafone bought Essar out of its Indian venture for $5bn, in a move that paves the way for an eventual flotation of the firm.
Last year it sold its 3.2 per cent stake in China Mobile for £4.3bn.