e& Agrees to Sell Entire Vodafone Stake to Niel Family Investment Vehicle
The transaction marks the end of e&'s position as a major shareholder in Vodafone, following its investment in the company in 2022 and the subsequent relationship agreement signed between the two companies in May 2023.
Vodafone Group has announced that Emirates Telecommunications Group Company PJSC (e&) has agreed to sell its entire shareholding in the UK-based telecommunications company to Vega, an acquisition vehicle wholly owned by the Niel family group.
The transaction marks the end of e&’s position as a major shareholder in Vodafone, following its investment in the company in 2022 and the subsequent relationship agreement signed between the two companies in May 2023.
As a result of the transaction, Vodafone confirmed that the relationship agreement dated 11 May 2023 between Vodafone and e& has been terminated. The agreement had governed the relationship between the companies following e&’s acquisition of a significant stake in the telecoms operator.
Vodafone also announced that Hatem Dowidar, who served on the company’s Board as e&’s nominated director, has resigned from the Board with immediate effect following the disposal of e&’s shareholding.
The company did not disclose the financial terms of the transaction or indicate when the sale is expected to be completed. Once finalised, the Niel family group, through Vega, will become the new holder of the stake previously owned by e&.
