FNPF buys out Vodafone for $160 million
July 2, 2014 1:08 am
Vodafone has announced that it has struck an agreement to sell its entire 49 per cent shareholding in Vodafone Fiji to the Fiji National Provident Fund for a cash consideration of FJ$160m (£51m).
The move takes Fiji National Provident Fund’s indirect stake in the company to around 79 per cent.
In Fiji, Vodafone competed against the only other mobile licensee, Digicel.
But the company said that it expects to continue to have a presence in Fiji through a partner market agreement.
The Vodafone network in Fiji also supports local MVNO Inkk Mobile.
Vodafone has of late been offloading non-core operations and refocusing on its home market of Europe where it continues to struggle.
Earlier this year the company finally struck a deal to sell out of US operation Verizon Wireless in a move that should net it $130bn.