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The UAE telecoms and technology group e& has agreed to sell its entire 16.21% stake in Vodafone Group to Vega, an acquisition vehicle wholly owned by the French Niel family group, for approximately AED 21.8 billion ($5.95 billion), including Vodafone’s final FY26 dividend.
The sale covers 3.94 billion Vodafone shares at 112.5 GB pence ($1.51) per share, comprising about 110.5 pence in cash and a 2.02 pence FY26 dividend, payable on July 30, 2026.
The shares will initially be transferred through off-market block trades to three financial institutions who will hold them until Vega completes the regulatory requirements.
The transaction follows a strategic review by e&, which has terminated its relationship agreement with the British firm Vodafone and withdrawn its board representation. The ADX-listed company said in a bourse statement it no longer seeks to influence Vodafone’s board or management.
The company said the exit reflects its strategic priorities and will allow it to focus on its core businesses while unlocking value from the investment.
State-controlled e& expects the deal to generate a net cash return of about AED 4.7 billion. Completion of the deal remains subject to customary closing conditions and is expected in the near term.
Iliad Group is a French telecoms company backed by Xavier Niel, who is the majority shareholder and co-founder.
(Writing by Brinda Darasha; editing by Bindu Rai)
