Vodafone is to take control of the Vizzavi Internet and mobile phone portal it co-owns with Vivendi
The group is paying Vivendi €142.7 million (£90.7 million) for its 50 per cent stake in the joint venture, set up two years ago.
Vizzavi, which employs 450 staff across Europe, provides news and entertainment to mobile phones, and Vodafone said it would focus on increasing the use of the portal. Vodafone and Vivendi had set up Vizzavi with a £1 billion investment plan.
Vodafone expects it to break even next year and says it will be of "particular importance" to the introductoin of its new consumer package Vodafone Live! later this year.
The deal does not include Vizzavi France, which is now wholly owned by Vivendi.
Vivendi is expected to divest around £6.4 billion-worth of assets to cut its growing debts.