Vodafone sells Swedish arm

British telecom giant Vodafone announced on Monday an agreement to sell its 100-percent interest in Vodafone Sweden to Telenor, the Norwegian telecommunications operator, for €1.035 billion.

Vodafone chief executive Arun Sarin added that Vodafone and Telenor have agreed the terms of a Partner Network Agreement in Sweden, allowing Vodafone Sweden and Vodafone customers to continue to benefit from Vodafone’s global brand, products and services.

Net cash proceeds to Vodafone after assumption of net debt by Telenor will be approximately €970 million, a statement to the London Stock Exchange said.