UAE-based telecom operator e&, formerly known as Etisalat has increased its stake in acquired a 13 per cent stake in Vodafone Group.
Now, e& holds 3.537 billion shares in Vodafone, more than previously announced, and representing 13% of Vodafone’s issued share capital, excluding treasury shares, e& said in a regulatory filing on the Abu Dhabi Securities Exchange (ADX). e& reiterated the rationale for the investment was the same as when it paid USD 4.4 billion for a 9.8 per cent holding in May 2022.
e& described the buy as being at an “attractive valuation” in its earlier purchase. In January 2023, Emirates Telecommunications Group increased its stake in Vodafone Group to an aggregate of 3,272.3 million shares, representing 12% of Vodafone’s issued share capital. In December 2022, the telecom group raised its stake to 3,015.5 million shares, representing 11% of Vodafone’s issued share capital.
The investment rationale is unchanged from e&’s announcement on the 14th of May 2022 as per Emirates Telecommunications Group’s stock market statement. Emirates Telecommunications Group termed the transactions to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation. With this increase in stake, e& is Vodafone Group’s largest shareholder.
