UAE-based e& — formerly known as Etisalat— has further increased its stake in Vodafone to 12% for an undisclosed sum, after first buying a 9.8% stake in the operator in May 2022. It was then increased to 11% in December.
After its corporate and branding switch to e& from Etisalat Group, the Abu Dhabi headquartered company has been keenly expanding its global reach, either through its own network investments or through strategic stake buys.
The company now owns an “aggregate 3,272.3m shares, representing 12% of Vodafone’s issued share capital”, it said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
E& said its investment rationale is unchanged from its announcement in May, which is “specifically to obtain significant exposure to a global leader, and leverage potential commercial partnership and realise a future return on our investment”.
The company previously assured that it has “no intention” of launching a takeover bid, adding that it plans to be a “long-term and supportive shareholder” in Vodafone.
Founded in 1976, e& is the UAE’s oldest telecoms company. It has operations in about 16 countries across the Middle East, Asia and Africa, serving more than 156m customers.
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