BT Nets £4.8bn in asset sale

Vodaphone has purchased the greedy telecom operator's stake in Japan telecom (including mobile phone subsidiary J-Phone) for £3.7bn.

The deal also includes BT's stake in Spanish mobile provider, Airtel, at the cost of £1.1bn to Vodaphone.

BT plans to use the cash in a bid to clear its debt mountain, accumulated through misguided purchases, and now more difficult to maintain after poor financial performance due to managerial ineptitude.