e& Exits Vodafone in $5.95 Billion Stake Sale to Niel Family

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, in a transaction valued at approximately AED 21.8 billion ($5.95 billion), including Vodafone’s final FY26 dividend.

The transaction covers 3.94 billion Vodafone shares priced at 112.5 GB pence ($1.51) per share. The consideration comprises approximately 110.5 pence in cash and a 2.02 pence FY26 dividend, which is due to be paid on July 30, 2026.

The shares will initially be transferred through off-market block trades to three financial institutions, which will hold them until Vega completes the required regulatory procedures.

The deal follows a strategic review by the Abu Dhabi-listed telecommunications and technology group. As part of the exit, e& has terminated its relationship agreement with Vodafone and withdrawn its representation from the British company’s board.

The company said in a bourse statement that it no longer intends to influence Vodafone’s board or management.

e& said the divestment reflects its strategic priorities and will enable the group to sharpen its focus on its core businesses while unlocking value from the Vodafone investment.

The state-controlled company expects the transaction to generate a net cash return of approximately AED 4.7 billion.

Completion remains subject to customary closing conditions and is expected in the near term.

Vega is wholly owned by the family group of French entrepreneur Xavier Niel, the majority shareholder and co-founder of Iliad Group, a French telecommunications company.

The transaction ends e&’s strategic investment relationship with Vodafone and transfers the stake to an acquisition vehicle associated with one of Europe’s most prominent telecommunications investors.

Once completed, the sale will provide e& with significant cash proceeds that can be directed towards its core operations and wider strategic priorities.