Vodafone to up Japan Telecom stake to 25pct -paper
Saturday February 24, 8:05 PM EST
LONDON, Feb 24 (Reuters) - Britain's Vodafone Group Plc(VOD) has agreed to pay between 850 million and one billion pounds ($1.23 billion and $1.45 billion) to U.S. telecoms firm AT&T Corp (T) for a 10 percent stake in Japan Telecom(9434), Sunday Business reported.
The newspaper, citing Wall Street sources, said the deal -- which would raise Vodafone's stake in the Japanese firm to 25 percent -- could be announced as early as this week.
Vodafone was not available for comment.
Japan Telecom, the country's third largest carrier, said earlier this month that AT&T was considering selling its 15 percent stake in Japan Telecom.
Vodafone, the world's top wireless carriers, and British Telecommunications Plc (BT) -- which also owns a 15 percent stake in Japan Telecom -- have been tipped as the obvious potential buyers.
An increased stake would give Vodafone a bigger foothold in one of the world's fastest-growing mobile phone markets, giving it more say over Japan Telecom's wireless arm J-Phone and a testing ground for third-generation mobile phones.
By buying the AT&T stake, Vodafone would take its stake in J-Phone to close to 40 percent, Sunday Business said, citing bankers in the United States.
While BT and AT&T became partners to invest in Japan Telecom in 1999, Vodafone is a more recent shareholder and only acquired its stake in December. |
