Time Warner is giving up its presence in one of the fastest-growing broadband markets, selling its AOL Germany unit to Telecom Italia SpA for around $870 million in cash.

The move, which was expected after AOL recently announced it was shedding 5,000 workers, was announced Sunday, according to the San Francisco Chronicle. The acquisition will make Telecom Italia Germany's second largest broadband internet provider with 3.2 million of the country's combined 12 million customers, and give the company 9 million combined customers in Italy, Germany and France.

AOL is looking to sell its access businesses in the U.K. and France as well.