UAE telecoms company e& acquires 9.8% in UK’s Vodafone Group for $4.4bn – The National

UAE telecoms company e& acquires 9.8% in UK’s Vodafone Group for $4.4bn – The National

The UAE’s biggest telecoms operator e& acquired a 9.8 per cent stake in British mobile carrier Vodafone Group for $4.4 billion as it seeks to diversify operations globally.

Emirates Telecommunication Group, formerly known as Etisalat, has acquired approximately 2,766 million shares in Vodafone Group, representing 9.8 per cent of the company’s issued share capital for a purchase cost of $4.4 billion, it said in a statement on Saturday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.

“Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services,” Hatem Dowidar, group chief executive of e&, said.