Mobile phone giant Vodafone has bought a 15 per cent stake in Japan's third largest telecommunications firm, Japan Telecom.
The £1.5 billion deal is the second-largest investment in a Japanese company by a foreign business.
Vodafone will buy stakes from two local railway firms, snapping up an 8.6 per cent holding from West Japan Railway and a 6.4 per cent stake from Central Japan Railway.
Following completion of the deal, Vodafone's stake will match those held by United States telecoms group AT&T and UK rival BT.
Another local railway firm, East Japan Railway, will remain the largest shareholder in the company, with a 15.1 per cent stake.
Vodafone already owns about 30 per cent of shares in three companies in the J-Phone Group, Japan Telecom's fast-growing mobile phone arm.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article