e& Group has announced the sale of its entire stake in Vodafone Group PLC for approximately USD 5.95 billion (AED 21.8 billion), marking the conclusion of its strategic investment in the UK-based telecommunications company.
The transaction, valued at 112.5 pence per share, represents a 13% premium to Vodafone’s market price and includes approximately 110.5 pence per share in cash from the buyer, along with Vodafone’s final FY26 dividend of 2.02 pence per share, payable on 30 July 2026.
The agreement follows a comprehensive review of e&’s international investment portfolio and reflects the company’s decision to sharpen its focus on its core business operations while unlocking value from its investments.
As part of the transition, e& has terminated its Relationship Agreement with Vodafone, and its representative on Vodafone’s Board has stepped down from his role as a non-executive director. The company stated that it no longer seeks to exercise control or influence over Vodafone’s board or management but expressed appreciation for the partnership and indicated it remains open to exploring future collaboration opportunities.
The stake, comprising 3.94 billion ordinary shares, represents approximately 16.21% of Vodafone’s issued share capital and 17.13% of its voting rights. The shares will be acquired by Vega, an acquisition vehicle wholly owned by the Niel family group. Until the buyer completes the required regulatory approvals, the shares will be transferred through off-market block trades to three financial institutions.
Upon completion, e& expects to generate total cash proceeds of approximately AED 21.8 billion (USD 5.95 billion), including the final FY26 dividend, resulting in a net cash return of approximately AED 4.7 billion (USD 1.3 billion).
The transaction remains subject to customary closing conditions and is expected to close in the near future.
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