Emirates Telecommunications Group Company (e&) has completed the transfer of its entire stake in Vodafone Group PLC, following the signing of a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group.
The transaction involved the transfer of e&’s 3,944,743,685 ordinary shares in Vodafone to BNPP Financial Markets, Crédit Agricole Corporate and Investment Bank, and Société Générale.
e& also announced the termination of its Relationship Agreement with Vodafone, under which e& had board representation. As part of the move, e&’s Board representative has stepped down from his role as a non-executive director of Vodafone.
The successful completion of the transfer has generated gross cash proceeds to e& of $5.84 billion (AED21.5 billion), representing approximately 110.5 GBX per share.
The remaining consideration of 2.02 GBX dividend per share (equivalent to AED0.4 billion / US$0.11 billion), related to the Financial Year 2026 final dividend, is to be received on 30th July 2026. This will bring the total consideration to AED21.9 billion (equivalent of $5.95 billion), generating a net cash return of AED4.8 billion ($1.3 billion).
According to the statement, the shares will be sold simultaneously through off-market block trades to three financial institutions, who will hold the shares until Vega completes regulatory requirements.
The transaction reflects the continued evolution of e&’s strategic priorities, allowing the Group to further strengthen its focus on its core businesses and growth areas.
It also enables e& to unlock the value generated from its strategic investments while maintaining the flexibility to pursue new opportunities that support long-term growth and enhance shareholder value, as per the statement.
