Europe

UAE telecoms group e& buys 9.8% stake in Vodafone for $4.4 bln



Emirates Telecommunications Group Company PJSC, now generally known as
e&, has acquired a 9.8% stake in Vodafone for $4.4 billion, it
mentioned on Saturday, Trend reviews on the subject of Reuters.

The transfer comes days after e& mentioned it was trying to broaden into
new markets in Africa, Europe and Asia and in areas outdoors
telecoms reminiscent of monetary know-how as its seeks to drive
development.

Vodafone, like all cell operators, has been struggling in its
extra mature markets, the place competitors and regulation have pushed
costs decrease.

Net debt on the group has reached 44.3 billion euros, and its
Chief Executive Nick Read is below strain to simplify its
portfolio and enhance returns after a greater than 20% slide in its
share worth since he took over in 2018.

Vodafone was not instantly accessible for remark.

United Arab Emirates-based e& mentioned it had made the funding to
acquire “important publicity to a world chief in connectivity and
digital companies”.

e& mentioned it had no intention of creating a suggestion to purchase Vodafone,
saying it’s totally supportive of the corporate’s present enterprise
technique and its board and current administration staff.

“We see this funding as a great alternative for e& and its
shareholders as it should permit us to boost and develop our
worldwide portfolio, consistent with our strategic ambition,” mentioned
CEO Hatem Dowidar.

The UAE agency not too long ago separated its enterprise into shopper
services-focused e& life, e& enterprise, offering digital companies
to authorities and enterprise, and telecoms arm Etisalat, which its
CEO mentioned is the world’s seventh largest by market
capitalisation.



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