Vodafone is set to sell its stakes in French operator SFR and Polish carrier Polkomtel for around £8 billion in total, according to a report in UK newspaper The Observer. The report claims Vodafone’s CEO Vittorio Colao is “close” to selling its 44 percent stake in SFR for £7 billion, “paving the way for a £5 billion share buy-back of its own stock in 2011.” Colao is in negotiations with French media firm Vivendi, which owns the remaining, majority share in SFR. Meanwhile the report adds that Colao “is also on the verge of announcing an £800 million transaction involving the disposal of its 24 percent stake in Polkomtel in Poland.”

The sales have been expected for some time; in September the group sold its interest in China Mobile for £4.3 billion before tax and the company also said at the time that it will “accelerate” the sale of its stake in Japanese operator SoftBank. The Observer claims Vodafone is not expected to offload its other high-profile minority stake; a 45 percent holding in US number one operator Verizon Wireless.