Vodafone exits Japan with Softbank deal

U.K. mobile carrier Vodafone has agreed to sell its Vodafone Japan unit to Asia technology powerhouse Softbank for $15.5 billion.

The agreement ends weeks of rumors and predictions about what would happen to Vodafone's Japanese unit as Vodafone reportedly looked to sell it. The U.K. mobile giant also has faced pressure from shareholders to sell its 45% stake in Verizon Wireless. Still, Reuters reported this morning that Vodafone Chairman Arun Sarin said the company was not interested in selling its Verizon Wireless stake.

Sarin also said in a statement that the company will direct 6 billion pounds ($10.5 billion) from its sale of the Japan operation to shareholders through either a new issue of shares or a dividend. The statement also said that Vodafone and Softbank are looking at developing a "joint working relationship involving participation in the supply and distribution of data and content," and giving Vodafone ongoing access to knowledge of mobile trends in Japan.