Telstra Group (ASX:TLS) has sold its 62.5% stake in the Telstra Ventures Fund II, worth AU$422 million, for AU$137 million in December, according to a Friday report by the Australian.

While the company said the sale was profitable on book value, it did not disclose its initial valuation, per the report.

Telstra said it is currently on track to reduce fixed costs by AU$350 million by year's end.

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