Emirates Telecommunications Group Company, known as e&, announced the sale of its investment in Vodafone Group following a comprehensive strategic review of its international investment portfolio.
In connection with the decision, e& terminated its Relationship Agreement with Vodafone. The company also said its Board representative has stepped down from his position as a non-executive director of Vodafone.
Following the termination of the agreement, e& signed a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group, to divest its entire Vodafone holding.
The transaction covers 3,944,743,685 ordinary shares in Vodafone. This represents approximately 16.21% of Vodafone’s issued share capital and 17.13% of its total voting rights.
The total consideration is 112.5 GBp per share. This includes approximately 110.5 GBp per share in cash from the buyer and Vodafone’s final fiscal 2026 dividend of 2.02 GBp per share, which is expected to be received on July 30, 2026.
The shares will be sold simultaneously through off-market block trades to three financial institutions. Those institutions will hold the shares until Vega completes regulatory requirements.
Upon completion of the transfer of the shares to the financial institutions, the transaction is expected to generate cash proceeds to e& of approximately AED 21.8 billion, or $5.95 billion, inclusive of Vodafone’s final fiscal 2026 dividend.
The transaction is also expected to deliver a net cash return of approximately AED 4.7 billion, or $1.3 billion.
e& is a global technology group operating across 38 countries in the Middle East, Asia, Africa, and Europe. Founded in Abu Dhabi in 1976, the company provides advanced connectivity, sovereign cloud platforms, data centers, AI-powered solutions, fintech, entertainment, and digital services for enterprises, governments, and consumers.
