Abu Dhabi – Mubasher: e& has acquired a 9.8% stake in the issued share capital of Vodafone Group in exchange for $4.4 billion.
The UAE-based company has purchased around 2.76 billion shares in Vodafone to benefit from the expertise of the international company in connectivity and digital services, according to a recent bourse filing.
This transaction will help e& to increase its exposure to international markets and enter possible commercial partnerships in the areas of research and development, technological applications, and procurement.
The Group CEO of e&, Hatem Dowidar, commented: "We are looking forward to building a mutually beneficial strategic partnership with Vodafone with the goal of driving value creation for both our businesses, exploring opportunities in the rapidly developing global telecom market, and supporting the adoption of next-generation technologies."
Meanwhile, Dowidar added: "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."