WELLINGTON/SYDNEY (Reuters) – Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 billion ($2.23 billion) to a consortium comprising of New Zealand-based Infratil Ltd and Canada’s Brookfield Asset Management, in a deal the telecom giant says would help reduce its debt.

FILE PHOTO: A Vodafone logo is seen on a mobile internet dongle in this photo illustration, November 9, 2010. REUTERS/Suzanne Plunkett/Illustration/File Photo

Vodafone has been trying to shrink its businesses in Australia and New Zealand to focus on European markets, and is fighting regulators that last week moved to block a A$15 billion ($10.4 billion) deal to merge its Australian joint venture business with TPG Telecom.

“An important aspect of our strategy is the active management of our portfolio and