Report: Vodafone in Talks to Sell Japan Telecom - TheStreet

Vodafone Group

(VOD) - Get Report

has started talks to sell

Japan Telecom

to Ripplewood Holdings, a U.S. investment fund, for more than $2.5 billion, the

Nihon Keizai Shimbun

daily reported Wednesday.

Vodafone, the British wireless giant, and Ripplewood are expected to close the deal soon. Under the most likely scenario, Ripplewood would buy all outstanding shares of Japan Telecom, Japan's No. 3 fixed-line carrier, while Vodafone would assume Japan Telecom's debts totaling $1.25 billion, the report said.