By Lilly Vitorovich Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Mobile giant Vodafone Group PLC (VOD.LN) said Tuesday that it will receive GBP3.1 billion from the sale of its interests in SoftBank Corp. (9984.TO) of Japan, part of wider management efforts to exploit its operations in Europe, Africa and India. Vodafone also increased its annual guidance for adjusted operating profit to a range between GBP11.8 billion and GBP12.2 billion following better-than-expected first-half earnings. Chief Executive Vittorio Colao said the group's updated strategy "positions Vodafone to realize further value from non-controlled assets, take full advantage of the most valuable telecommunications growth opportunities ahead and which will deliver sustainable revenue growth, stabilising margins and strong free cash flows." Under the SoftBank deal, the U.K.-based company sold its interest in loan notes and preferred stock and share acquisition rights in two subsidiaries of Softbank, which were originally received as part of the sale of Vodafone Japan in 2006. Vodafone will receive the proceeds in two tranches: GBP1.6 billion next month, which will be used to reduce the group's net debt, and a further GBP1.5 billion in April 2012. Vodafone in September restructured its divisions, placing all the minority stakes it holds in other companies into a single, separately managed unit. The day before that announcement, Vodafone sold its 3.2% stake in China Mobile Ltd. (CHL) for GBP4.3 billion before tax and transaction costs as it looks to shed minority investments. The group is also looking to sell its 24.4% stake in Polish mobile operator Polkomtel SA and its 44% stake in French telecom operator SFR, in which media conglomerate Vivendi SA (VIVDY) has a 56% controlling stake. Vodafone and its investors are also keen for Verizon Wireless, in which the company holds a 45% stake, to resume paying a dividend. Verizon Wireless, in which Verizon Communications Inc. (VZ) is the biggest shareholder with a 55% stake, hasn't paid a dividend since 2006. For the first half, revenue rose 3.9% to GBP22.60 billion from GBP21.76 billion a year earlier, just ahead of analysts' expectations of GBP22.2 billion. Vodafone shares closed Monday at 175 pence, valuing the company at GBP92.16 billion. The stock has risen 21% since January, and 28% over the past 12 months on hopes of improving trading conditions, particularly in Europe. -By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com
