Vodafone completes sale of Japanese arm

Vodafone has completed the sale of its 97.68% interest in Vodafone Japan to a wholly-owned subsidiary of SoftBank Corporation.

The sale values Vodafone Japan at an enterprise value of about 1.8 trillion yen (€12.8bn).

Vodafone will make a special distribution of approximately €8.6bn, equivalent to around 14c per share, to shareholders shortly after its AGM to be held on July 25, 2006.

Details of the precise method of distribution will be released with the preliminary results in May.

Vodafone boss Arun Sarin said: "I am pleased to announce the completion of the sale of Vodafone Japan to SoftBank. This transaction enhances Vodafone's adjusted earnings per share and facilitates the return of approximately €8.6bn to our shareholders."