Emirates Telecommunications Group, known as e&, has agreed to sell its entire stake in Vodafone Group to Vega, an acquisition vehicle wholly owned by the Niel family group, for a total consideration of 112.5 pence per share.
The deal covers 3,944,743,685 ordinary shares, representing approximately 16.21 per cent of Vodafone’s share capital and 17.13 per cent of its total voting rights. The price is made up of around 110.5 pence in cash from the buyer, plus a final FY26 dividend of 2.02 pence per share payable on July 30, 2026.
At completion, e& expects to receive cash proceeds of approximately AED 21.8 billion, or USD 5.95 billion, inclusive of that dividend. After accounting for the cost of the original investment, the group said the transaction would generate a net cash return of AED 4.7 billion, equivalent to roughly USD 1.3 billion.
The shares will initially be sold through off-market block trades to three financial institutions, which will hold them while Vega completes its regulatory requirements. The transaction is expected to close in the near future, subject to customary conditions.
Alongside the sale, e& has terminated its Relationship Agreement with Vodafone, and its board representative has stepped down as a non-executive director of the UK-listed group. e& said it no longer seeks to exert control or influence over Vodafone’s board or management.
The company framed the exit as a product of a strategic review of its international investment portfolio, saying the move would allow the group to sharpen its focus on core businesses.
It added that it valued the partnership with Vodafone and would look to explore future collaboration where mutual value could be created.
