UAE telecoms group e& buys 9.8% stake in Vodafone for $4.4 bln

1 week ago 21

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Emirates Telecommunications Group Company PJSC, present known arsenic e&, has acquired a 9.8% upright successful Vodafone for $4.4 billion, it said connected Saturday.

The determination comes days after e& said it was looking to grow into caller markets successful Africa, Europe and Asia and successful areas extracurricular telecoms alike arsenic fiscal technology arsenic its seeks to thrust growth.

Vodafone, similar all mobile operators, has been struggling successful its much mature markets, where contention and regularisation person pushed prices lower.

Net indebtedness at the radical has reached 44.3 cardinal euros ($46.1 billion), and its Chief Executive Nick Read is under unit to simplify its portfolio and amended returns after a much than 20% descent successful its stock terms since helium took implicit successful 2018.

Vodafone said it looked guardant to gathering a semipermanent narration with United Arab Emirates-based e&.

"We proceed to marque bully advancement with our semipermanent planned plans and will supply an update successful our FY22 Results announcement connected 17 May," it said successful a statement.

E& said it had made the concern to summation "significant vulnerability to a world person successful connectivity and integer services".

It added it had nary volition of making an connection to bargain Vodafone, saying it is afloat supportive of the company's existent concern projected enactment and its committee and existing absorption team.

"We spot this concern arsenic a bully accidental for e& and its shareholders arsenic it will let us to heighten and make our planetary portfolio, successful enactment with our planned ambition," said CEO Hatem Dowidar.

The UAE steadfast precocious separated its concern into user services-focused e& life, e& enterprise, providing integer services to authorities and business, and telecoms limb Etisalat, which its CEO said is the world's seventh largest by marketplace capitalisation.

($1 = 0.9605 euros) (Reporting by Shivani Tanna successful Bengaluru and Saeed Azhar successful Dubai; Additional reporting by Kate Holton and Michael Holden successful London; Editing by Kirsten Donovan and Jan Harvey)

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