Emirates Telecommunications Group Company PJSC, now known as (e&), announced on Saturday that it had acquired a 9.8% stake in Vodafone for US$4.4 billion.
The move comes days after e& announced plans to expand into new markets in Africa, Europe and Asia, as well as into areas outside of telecoms like fintech, to spur growth. The UAE-based telecoms company said it made the investment to gain "significant access to a global leader in digital connectivity and services."
E& of the United Arab Emirates does not intend to make any offer to purchase Vodafone as it fully supports the company's existing board and management team and its current business strategy. "We see this investment as a good opportunity for e& and its shareholders as it will allow us to enrich and grow our international portfolio in line with our strategic ambitions," said CEO Hatem Dowidar. The Emirati company recently spun off its business into e&life, which focuses on consumer services, and e&enterprise, which provides digital services to governments and businesses, as well as telecom arm Etisalat, which according to its CEO is the seventh largest in the world by market capitalization.
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