British telecommunications giant Vodafone Group is in talks to sell its New Zealand business to a pair of heavyweight financial investors in a deal that would be worth about $2.5 billion.

As it readies for a court battle to merge its Australian business with TPG Telecom, Vodafone Group is also mapping its exit from across the Tasman where it is the country's No.1 player in the mobile telecommunications market.

Street Talk can reveal Vodafone is in late stage talks to sell the unit to Trans Tasman infrastructure investor Morrison & Co and Canadian investment heavyweight Brookfield.

Vodafone has more than $NZ2 billion annual revenue and 2 million customers in New Zealand. AFR

It is understood Morrison and Brookfield are seeking to buy the business in a 50/50 joint venture.

Lending sources said the bidders had lined up a multi billion dollar funding package, including about half a dozen banks, and were working through due diligence materials in an effort to firm up its interest.