Vodafone set for Singlepoint buyout

Mobile phone company Vodafone Group PLC is rumoured to be on the verge of clinching a near £400m (€567m) deal to buy British based mobile phone seller Singlepoint.

Industry sources expect an official announcement as early as today.

Singlepoint, part of privately owned Caudwell Group, handles services like billing and customer care for about 1.4 million customers, 90 % of whom already use the Vodafone network.

Vodafone has been in talks with John Caudwell, who owns 97% of Caudwell Group, for almost five months.

Vodafone has declined to comment.