Skip to content Skip to Search
Skip navigation

UAE telco e& ups stake in Vodafone Group to 11%

By Pramod Kumar
Person, Table, Furniture Creative Commons
Emirates Telecommunications Group Company first bought a 9.8 percent stake in Vodafone in May for $4.4 billion

UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group.

The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX).

In May, e& bought nearly 2.77 million shares, or a 9.8 percent stake, in the British telco, for $4.4 billion.

“The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation,” the statement said.

The value of the latest acquisition was not disclosed.

The UAE-based telecom firm reported AED 13 billion ($3.5 billion) in consolidated revenue and AED 2.5 billion in net profit for the third quarter of 2022.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]