Vodafone sells their Japanese division for $11.9 billion

Vodafone Group has announced that they have decided to sell off their struggling Japanese unit to Softbank Corp. This deal would be worth around $11.87 billion and it would be conducted in a cash transaction.

The deal was announced earlier today and it puts the value of the Vodafone Japan at around 1.8 trillion yen, which includes debts. The deal would see Vodafone returning close to around 6 billion pounds to shareholders.

Softbank is already the dominating player in the internet service provider market in the competitive Japanese tech market and they recently expressed their interests in expanding their services in the Japan’s $78 billion mobile market.

The aim is to become a communications company by providing all kind of services to the Japanese people.