UAE-Based e& Completes US$5.95 Billion Sale Of Stake In UK-Based Vodafone
The transaction is expected to generate a net cash return of $1.3 billion for e&.
UAE-based technology group e& has completed the sale of its entire stake in UK-based telecom firm Vodafone Group to Vega, an acquisition vehicle wholly owned by the family group of French billionaire Xavier Niel, for AED 21.9 billion ($5.95 billion).
As part of the transaction, e& transferred 3,944,743,685 ordinary shares in Vodafone to BNP Paribas Financial Markets, Crédit Agricole Corporate and Investment Bank, and Société Générale, all of which are institutions based in France.
The transfer generated gross cash proceeds of AED 21.5 billion ($5.84 billion), equivalent to about 110.5 pence per share. e& is due to receive the remaining 2.02 pence per share on July 30, 2026, which will be related to Vodafone's final dividend for the fiscal year 2026.
In a statement, e& said that the transaction, which is expected to generate a net cash return of AED 4.8 billion ($1.3 billion), reflects the evolution of its strategic priorities and that it enables the group to sharpen its focus on its core businesses, while unlocking the value created through its investments.
