UAE's e& Exits Vodafone With $5.95bn Sale of Its Entire Stake
Abu Dhabi's e& sold its full holding of around 16.2% in Vodafone Group to a Niel-family vehicle for about $5.95bn, realising a net cash return of roughly $1.3bn as it sharpens focus on core businesses.
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e& said it had agreed to sell its entire stake in Vodafone Group, some 3.94 billion shares representing about 16.2% of the company, to Vega, an acquisition vehicle owned by the Niel family group, at a 13% premium to the market price.
The transaction generated cash proceeds of about $5.95bn to the Abu Dhabi-based telecoms group, including the final dividend, for a net cash return of roughly $1.3bn. e& framed the exit as part of a disciplined capital-allocation strategy focused on its core operations.