Vodafone looks poised to succeed with a €600 million (£416 million) bid for Tele2’s assets in Italy and Spain. The move would mark the company’s first acquisition outside its core mobile phone business.

Vodafone, which once rigidly pursued a “pure mobile” policy, is expected to announce within days that it has secured the Italian assets of Tele2, the Swedish operator, for €560 million. Success in clinching the Italian business, which provides fixed-line and internet services to more than two million subscribers, would mark a defining moment for the company.

Though it owns a fixed-line business, Arcor, the unit came as a byproduct of its merger with Mannesmann in 2000. Acquiring the Tele2 assets will enable Vodafone to cement its position in Italy and Spain by adding broadband services to its mobile phone services in those territories.

However, the deal could yet falter, sources said. Tiscali and Wind have also made moves to secure the assets.

Vodafone’s bid to gain control of fixed assets is in line with a new strategy in the telecoms and technology market in which communications companies are jostling to provide all internet and phone services into the home.

The British mobile group conceded last year that, as wireless markets mature and “converged” offerings incorporating fixed-line and other telecoms services become the new “hot” area, a mobile-only strategy was no longer feasible. The strategy turnaround came after a revolt by investors who were angry about the share-price performance and a perceived inability by the chief executive, Arun Sarin, to deal with challenges such as the arrival of Google and other internet operators within its domain.

The revolt culminated in one of the biggest protest votes against an FTSE 100 chief, with holders of 15 per cent of Vodafone’s shares refusing to back Mr Sarin’s reelection.

As part of a revised approach, he pledged to follow a predominantly “infrastructure light” strategy – leasing network space from other firms, rather than embarking on an internet spending spree.

In the UK, for example, the group struck a deal with BT to use its network for the supply of a broadband service to its customers. Earlier this year, Vodafone failed in its attempt to acquire Ya.com, another fixed-line internet business, in Spain. The group, which was being advised by Lehman Brothers, lost out to France Télécom, owner of its rival, Orange.

In contrast to Vodafone’s new approach, Tele2 has been selling parts of its European fixed-line businesses to focus instead on retailing mobile phone services. It has already sold its French broadband business to SFR, which is part-owned by Vodafone. It has also disposed of assets in Belgium and Hungary.

Vodafone recently missed out on a significant potential money-spinner – Apple’s iPhone. The deal to market the phone in the UK went instead to its rival, O2.

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