Vodafone Group PLC rose on Monday after the U.K. mobile giant said it will sell its 44% stake in SFR to France’s Vivendi for around $11.3 billion.

Vodafone Group PLC rose on Monday after the U.K. mobile giant said it will sell its 44% stake in SFR to France’s Vivendi for around $11.3 billion.

The deal is in line with Vodafone’s (VOD 29.08, +0.33, +1.15%)   (UK:VOD 181.30, +2.20, +1.23%)  strategy to shed minority assets in various regions and refocus its business on Europe, India and Africa.

“Our board remains committed to realizing maximum value from our non-controlled assets,” said Vodafone Chief Executive Vittorio Colao in a statement. “The sale of our stake in SFR, at an attractive multiple, represents a significant further step in the execution of this strategy.”

Under the deal announced late Sunday, Vivendi (FR:VIV 20.67, +0.16, +0.78%)  will acquire Vodafone’s 44% stake in French mobile-phone operator SFR for 7.95 billion euros ($11.3 billion).

Vodafone said that €4.5 billion (4 billion British pounds) of the net proceeds will be returned to shareholders via a share buyback and the rest will be used to reduce net debt.