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e& acquires 9.8% stake in Vodafone

e& acquires 9.8% stake in Vodafone

ArabFinance: UAE-based telecom giant Etisalat Group, rebranded as e&, has acquired a 9.8% stake, representing up to 2.766 billion shares, in Vodafone Group Plc's issued share capital in consideration of around $4.4 billion, according to a press release on May 13th.

e& supports Vodafone’s current board and management and does not seek to be represented in the board.

The Emirati company plans to be a long-term shareholder in the British multinational telecommunication group and denied any intentions to influence its board.

Commenting on the deal, Group CEO of e& Hatem Dowidar said: “Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services.”

“We see this investment as a good opportunity for e& and its shareholders as it will allow us to enhance and develop our international portfolio, in line with our strategic ambition,” he added.

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