UAE’s e& buys 9.8 percent stake in UK’s Vodafone Group in $4.4 billion deal – Arabian Business

UAE’s e& buys 9.8 percent stake in UK’s Vodafone Group in $4.4 billion deal – Arabian Business

The UAE’s biggest telecoms operator e& has acquired a 9.8 percent stake in British mobile carrier Vodafone Group for $4.4 billion (AED16.2 billion) as it seeks to diversify operations globally.

 e&, which is the new name for the Etisalat Group, said it made the investment in Vodafone “to gain significant exposure to a world leader in connectivity and digital services”.

“Vodafone is one of the strongest and most globally recognised brands across the telecom industry. It is a pioneer of digital transformation, offering some of the most advanced technology and next-generation solutions,” e& said in a statement on Saturday to the Abu Dhabi Securities Exchange (ADX).