Vodafone and Softbank have joined hands together to set up a joint venture. The joint venture is a 50:50 collaboration between the British mobile career and Japanese Internet services company Softbank. The collaboration would successfully develop mobile phones and offer services & content for Japan.

The deal has provided way to hang on to the piece of the phone business in Japan. Vodafone has agreed to sell its Japanese mobile phone unit to softbank. The mobile phone unit has been striving for a long time now.

The agreement made under the joint venture will facilitate both the companies to work together to develop & trade handsets. The collaboration is also planning to develop software and distributes the mobile content. The new venture is capitalized at $100 million. Japanese market is an innovative market and both the companies will benefit by the collaboration.

Softbank CEO Masyoshi Son stated that Vodafone handsets offered in Japan did not come up to the expectations of Japanese in the past. Son however is hopeful that the new venture will prove to be beneficial in their area.