LONDON-Cable & Wireless plc said it agreed to sell its mobile telephony interests in Japan to Vodafone AirTouch plc for $411 million in cash.
Cable & Wireless sold its shareholdings in the Digital Phone Group on Sept. 22, and has completed a definitive agreement to sell its 2.5-percent holdings in each of the six Digital Tu-Ka companies that cover the rest of Japan. The company said the transaction will result in a profit on disposal of $389 million before taxes.
Stephen Pettit, Cable & Wireless’ executive director of corporate development, said the company’s commitment to the Japanese market now is fully focused within Cable & Wireless IDC, “in line with our strategy centered on data and Internet Protocol services to business customers.”
