Mobile network operator Vodafone has confirmed that it is to sell its entire 3.2% interest in China Mobile for £4.3bn in cash, but said it will continue to co-operate on roaming, network roadmap development, multinational customers and green technology.
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The company said that about 70% of the net proceeds would be returned to shareholders by way of a share buyback. The rest would go to cutting the group's net debt, which last June stood at £32.7bn.
Vodafone chief executive Vittorio Colao said the deal had almost doubled the value of Vodafone's original investment in China Mobile.