Belgium's Belgacom is to take full control of mobile operator Proximus after agreeing to buy Vodafone's 25% stake for €2 billion.
Belgium's dominant operator also said it had agreed to sell its 5.8% stake in France's number two fixed-line operator Neuf Cegetel to French media group Vivendi's mobile phone division SFR.
Belgacom said the minimum price for this deal would be €17 a share, or a total of €187m.
The Belgian company would then expect to realise a capital gain of €67m. A listing of the company could lead to an additional payment.
