UAE’s e& Group Divests Entire Vodafone Stake in $5.95 Billion Deal
The UAE-based telecommunications giant, e& Group, has officially reached a binding agreement to offload its entire 16.21% stake in Vodafone Group PLC. The deal, valued at approximately $5.95 billion, involves selling over 3.9 billion shares to Vega, an investment vehicle owned by the Niel family. This strategic exit will be executed through off-market block trades, with the financial consideration set at 112.5 GBp per share—a 13% premium over the market price. The transaction is expected to net e& a cash return of roughly $1.3 billion once all closing conditions and regulatory requirements are met.
Following a thorough strategic review of its international portfolio, e& has decided to shift its focus back toward its core business operations. As part of this transition, the company has formally terminated its relationship agreement with Vodafone, and its representative has resigned from the Vodafone board. While the move signals an end to e&'s attempt to exert influence over the British telecom operator, the company noted that it remains open to potential future collaborations, emphasizing that this divestment is simply a logical evolution of its current corporate strategy.