Vodafone Plans To Sell Interests In SoftBank Corp

In a recent article from the Wall Street Journal, the Vodafone Group (NASDAQ: VOD) said That it plans to sell its interests in SoftBank Corp. of Japan. Vodafone is set to receive $5 billion (3.1 billion british pounds) from the sale. This is part of Vodafone's efforts to exploit expand its operations in Europe, Africa, and India.

Vodafone plans to receive the proceeds in two blocks: Next month it will receive 1.6 billion (british pounds) and another 1.5 billion (british pounds) in April 2012. Vodafone plans on using the first block payment to pay down the group's net debt.

Vodafone also increased its annual forecast for adjusted operating profit to a range between 11.8 and 12.2 billion (british pounds), after better than expected first half earnings.

VOD is trading lower at $28.03