UAE’s E& Group to sell entire Vodafone stake to French telecoms tycoon for $5.95 billion
Telecom operator exits 16.21% holding as Xavier Niel-backed company agrees to buy shares at a premium
UAE telecommunications company E& Group has agreed to sell its entire 16.21% stake in Vodafone to a company owned by the family group of French telecoms entrepreneur Xavier Niel in a deal valued at $5.95 billion.
The transaction values Vodafone shares at 112.5 pence each, compared with their previous closing price of 97.76 pence.
Following the sale, E& said it would no longer have any influence over Vodafone’s board or management. The company also confirmed that its representative on Vodafone’s board had resigned as a non-executive director.
E& said the disposal is expected to generate net cash proceeds of about $1.3 billion.
The transaction marks the end of E&’s investment in Vodafone, one of Europe’s largest telecommunications companies.
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