Emirates Telecommunications Group (e&) has agreed to sell its entire stake in Vodafone Group to Vega, a wholly owned acquisition vehicle of the Niel Family Group, in a deal valuing the holding at approximately AED 21.8 billion, or USD 5.95 billion.
The sale covers 3,944,743,685 ordinary shares, representing around 16.21% of Vodafone’s issued share capital and 17.13% of total voting rights. The agreed price is 112.5 pence per share, comprising approximately 110.5 pence paid in cash by the buyer and a final Vodafone dividend for the 2026 financial year of 2.02 pence per share, due for collection on 30 July 2026.
The shares will be sold simultaneously through off-market block trades to three financial institutions, which will hold them until Vega satisfies the necessary regulatory requirements for the transfer to complete.
e& said the transaction follows a comprehensive strategic review of its international investment portfolio. As part of the same process, the group’s representative stepped down from his position as a non-executive director on Vodafone’s board, and the cooperation agreement between the two groups has been terminated.
Once the share transfer to the financial institutions is completed, e& expects to receive net cash proceeds of AED 4.7 billion, equivalent to approximately USD 1.3 billion, after accounting for the final dividend.
