Emirates Telecommunications Group Company PJSC, known as e&, said Friday it has agreed to sell its entire stake in Vodafone Group PLC (NYSE:VOD) for approximately 21.8 billion United Arab Emirates dirham ($5.95 billion), following a strategic review of its international investment portfolio.
Following the announcement, VOD stock jumped nearly 13%.
The Abu Dhabi-based telecom company also said it has terminated its Relationship Agreement with Vodafone.
As part of the move, e&'s board representative has stepped down from his role as a non-executive director of Vodafone.
Sale Terms e& signed a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group, to sell its entire holding of 3,944,743,685 Vodafone ordinary shares.
