e& Agrees $5.95 Billion Sale of Entire Vodafone Stake After Strategic Portfolio Review
UAE-based technology and investment group e& has agreed to sell its entire stake in Vodafone Group for approximately $5.95 billion, marking a major reshaping of its international investment portfolio.
The transaction follows a comprehensive strategic review of e&’s overseas holdings and will also bring its cooperation agreement with Vodafone to an end. As part of the move, e&’s representative has stepped down from Vodafone’s board, where he served as a non-executive director.
Under a binding agreement, e& will sell 3.94 billion ordinary Vodafone shares to Vega, an acquisition vehicle wholly owned by the Niel Family Group. The holding represents about 16.21% of Vodafone’s issued share capital and 17.13% of its voting rights.
The agreed consideration stands at 112.5 pence per share, comprising approximately 110.5 pence in cash and Vodafone’s final dividend for the 2026 financial year of 2.02 pence per share, scheduled for payment on July 30.
The shares will initially be transferred through off-market block trades to three financial institutions, which will hold them until Vega secures the regulatory approvals required to complete the acquisition.
Once the shares are transferred, the deal is expected to generate total liquidity of around AED 21.8 billion, equivalent to $5.95 billion, including the final dividend. e& expects a net cash gain of about AED 4.7 billion, or roughly $1.3 billion, from the transaction.
The sale represents a full exit from one of e&’s most prominent international equity investments and gives the group additional financial flexibility to pursue other strategic opportunities across technology, telecommunications and digital services.