Belgacom to take full control in Proximus

Belgacom to take full control in Proximus

Belgium’s telecom company Belgacom has said in a statement that they are taking full control of the mobile unit Proximus.

For this, they are acquiring Vodafone Group Plc’s 25 percent stake in the company. The deal is worth around Euro 2 Billion.

Vodafone responded in a statement saying that they would be using these funds to reduce debt. They also expect to gain around 450 million pounds in its results in the year ending revenue reports.

Vodafone added: “This transaction does not materially affect Vodafone’s proportionate mobile revenue and EBITDA outlook for the financial year ending March 31, 2007.”

Belgacom in another report added that they are selling its 5.8 percent stake in France’s number two fixed-line operator Neuf Cegetel to French media group Vivendi’s mobile phone division SFR for around 187 million euros.