Telecoms group KPN has sold its Belgian mobile phone subsidiary Base to sector peer Telenet for €1.3bn, the company said on Monday.

The sale means KPN has now divested all its foreign activities. Earlier KPN sold its German mobile phone operator E-Plus to Telefonica Deutschland.

KPN said in a statement it will now ‘fully focus on its successful integrated access strategy in the Netherlands’.

The cash will be used to ‘create maximum value’ for shareholders, KPN said. ‘A further announcement on the use of proceeds will be made on completion of the transaction.’

The sale still has to be approved by regulators. Base had 3.3 million customers and a service revenue market share of approximately 21% at the end of 2014.