Vodafone Group PLC, which has been under pressure to divest minority stakes in scattered foreign operations, late Tuesday said it sold its 3.2% interest in China Mobile Ltd., fetching £4.3 billion, or $6.6 billion, before tax and transaction costs.
The sale is part of Vodafone's strategy to exit non-strategic investments, and thus is likely to be the first of many divestitures. Approximately 70% of the net proceeds of the sale will be returned to shareholders through a share buyback, with the remainder used to reduce company debt, the company said.
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