Purchase of 10% of Japan Tel

Vodafone Group PLC
27 February 2001



 VODAFONE TO ACQUIRE 10% STAKE IN JAPAN TELECOM FROM AT&T FOR
                        US$1.35 BILLION

Vodafone  Group Plc ('Vodafone') announces today that  it  has
conditionally  agreed to acquire AT&T's 10% economic  interest
in  Japan  Telecom  Co., Ltd. ('Japan  Telecom')  for  a  cash
consideration  of  US$1.35  billion  (£0.93  billion).   Japan
Telecom is one of Japan's leading telecommunications companies
and  parent  of  the  fast  growing  mobile  network,  J-Phone
Communications Co., Ltd., and its regional wireless  operating
companies (collectively known as 'the J-Phone Group').

The transaction represents a price per Japan Telecom share  of
approximately US$21,125 (Y2,458,844) which implies  an  equity
value  for  Japan  Telecom of US$13.5 billion (£9.3  billion).
The  consideration  will  be  paid  in  cash  from  Vodafone's
existing resources.

The  transaction is dependent upon AT&T's ability  to  deliver
the  shares at the end of April 2001 when closing is  expected
to take place.

Following  completion of the transaction, Vodafone  will  hold
25% of Japan Telecom's equity.

Chris Gent, Chief Executive of Vodafone said: 'Our purchase of
AT&T's stake in Japan Telecom underlines our conviction of the
inherent strength of the Japanese market.  We look forward  to
working with our partners, Japan Telecom, British Telecom  and
the Japan Railway companies in Japan's fast-moving, innovative
telecommunications market.'

Vodafone has received financial advice from Goldman Sachs  and
UBS Warburg on this transaction.
                               
About Vodafone

Vodafone  Group  Plc is the largest wireless operator  in  the
world  by  subscribers,  and has a presence  in  26  countries
across  five continents. At the end of December 2000, Vodafone
had approximately 78.7 million proportionate subscribers (Note
1) and approximately 173 million venture customers (Note 2).

Note 1:  On a proportionate basis ie based upon the
         percentage shareholding of Vodafone in each company.

Note 2:  Venture customers - represents the total subscriber
         base of each company in which Vodafone has an
         investment.


For further information on Vodafone Group Plc., please visit
the website at www.vodafone.com

For further information:

Vodafone Group Plc
Tim Brown, Group Corporate Affairs Director
Melissa Stimpson, Head of Group Investor Relations
Jon Earl, Investor Relations Manager
Tel:  [phone]

Tavistock Communications
Lulu Bridges
Tel:  [phone]

UBS Warburg
Mark Lewisohn
Tel:  [phone]

Goldman Sachs International
Simon Dingemans
Tel:  [phone]


This   announcement  has  been  issued  by  and  is  the  sole
responsibility   of   Vodafone  Group  Plc.    Goldman   Sachs
International and UBS Warburg Ltd., a subsidiary  of  UBS  AG,
which  are  regulated in the United Kingdom by The  Securities
and  Futures Authority Limited, are acting for Vodafone  Group
Plc  and  for  no  one else in connection  with  the  proposed
transaction and will not be responsible to anyone  other  than
Vodafone  Group Plc for providing the protections afforded  to
customers of Goldman Sachs International and UBS Warburg Ltd.,
or for providing advice in relation to the transaction.