Abu Dhabi's e& says exiting the Vodafone stake enables it to sharpen its strategic focus on core businesses. ReutersInfoCompany says deal represents 13 per cent premium to Vodafone’s market price
e& has agreed to sell its entire 16.21 per cent stake in Vodafone Group for $5.95 billion, ending its investment in the British telecoms company.
The UAE telecoms giant first acquired a 9.8 per cent stake in Vodafone for $4.4 billion in May 2022, gradually increasing its shareholding to 16.21 per cent.
The deal, struck at a 13 per cent premium to Vodafone's market price, is expected to deliver a net cash return of roughly $1.28 billion to e&.
The stake sale forms part of a broader strategic refocus, following the Abu Dhabi company's earlier divestment of a 12.5 per cent share in Careem Technologies to Uber for $100 million.
