Vodafone to sell Japanese fixed line subsidiary

Vodafone Group Plc has announced that its 66.7% indirectly owned subsidiary Japan Telecom Holdings Co, Ltd. has agreed to the leveraged acquisition of its 100% owned fixed line business, Japan Telecom Co, Ltd., by an affiliate of RHJ Industrial Partners, a Ripplewood Holdings LLC fund dedicated to making investments in Japan.

As a result of the transaction, Japan Telecom Holdings will receive ¥261.3bn (€2.07bn) as follows: - ¥228.8bn (€1.76bn) of cash; and - ¥32.5bn (€0.25bn) of redeemable preferred equity.