Emirates Telecommunications Group Company (e& Group) has signed an agreement to sell its entire stake in Vodafone Group PLC. The total deal value will be £112.5 GBp per share, which includes a 13 percent premium over the market price, as announced by the company on Thursday.
The Abu Dhabi-based group plans to divest its entire holding of 3,944,743,685 ordinary shares of Vodafone. These shares account for approximately 16.21 percent of Vodafone's share capital and 17.13 percent of the company's total voting rights. The buyer is Vega, an acquired entity wholly owned by the Niell family group.
This operation will bring e& cash income of approximately 21.8 billion dirhams (equivalent to $5.95 billion USD), including dividends for the 2026 financial year. The net cash return will be about 4.7 billion dirhams (approximately $1.3 billion).
The consideration consists of approximately £110.5 GBp per share paid in cash by the buyer, as well as a final dividend for the 2026 financial year of £2.02 GBp per share, expected on July 30, 2026. The shares will be sold simultaneously through over-the-counter block trades to three financial institutions that will hold them until the necessary regulatory procedures for Vega are completed. The completion of the deal is subject to standard closing conditions and is expected in the near future.
The agreement resulted from a board meeting held on Wednesday. Directors of e& Group adopted several resolutions concerning the company's investment in Vodafone. The Board of Directors terminated the relationship contract with Vodafone, and an e& Group board representative resigned from their position as non-executive director of Vodafone.
The company stated that it no longer seeks to influence or control the Vodafone board of directors or management team following a comprehensive strategic review of its international investment portfolio. The UAE telecommunications giant noted that the decision to exit the investment reflects the natural evolution of its strategic priorities, allowing it to focus on core business areas and unlock the value created by the ownership.
