Vodafone confirms talks about selling Vodafone KK

British mobile phone giants Vodafone have confirmed market rumors that they are currently in talks about selling a controlling stake in its Japanese subsidiary, Vodafone KK to Softbank, an internet company based in Japan.

Market experts believe that Vodafone’s Japanese unit is worth as much as 7.0 billion pounds and the confirmation led to a jump in company’s price shares in the stock exchange. The company is increasingly coming under pressure from the investors to shake up its international strategy.

And one of the demands has been that the company should sell off its underperforming Japanese business. Softbank is a good option considering they have just acquired a third-generation (3G) license to operate in the ultra-competitive Japanese mobile market next year.

Vodafone said in a statement given to the London stock exchange: “Vodafone confirms it is in discussions regarding a potential sale of a controlling interest in Vodafone Japan to SoftBank. These discussions may or may not lead to a transaction.”

Popularity: 4%