Time Warner has announced that it has cut another AOL division, saying on Thursday that it has finalized an agreement to hand over AOL France to internet portal, Neuf Cegetel.

The $365 million cash agreement is still pending approval from French competition authorities, and is expected to conclude in October. The announcement follows the sale of its German unit to Telecom Italia on Monday, and leaves AOL UK as its only remaining European ISP.

This agreement is the second stage of our current initiative to build a more competitive and profitable AOL Europe, Dick Parsons, Chairman and CEO of Time Warner stated, adding that the strategy was being perused across all their businesses.

AOL France has approximately 500,000 broadband subscribers, all of which will retain internet access and services following the sale.