Business
e& sells entire Vodafone stake to Xavier Niel’s family group for $5.95 billion
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e& sells entire Vodafone stake to Xavier Niel’s family group for $5.95 billion
Emirates Telecommunications Group Company (e&) has divested its 16.21 percent stake in Vodafone to the French billionaire's investment vehicle in a $5.95 billion deal.
- e& announced it signed a binding agreement with Vega, wholly owned by the Niel family group, to sell its Vodafone shares at 112.5 pence per share.
- The sale price represents a 15 percent premium over Vodafone’s last closing price of 97.76 pence, e& said.
- e& stated the transaction will generate net cash proceeds of approximately 4.7 billion dirhams ($1.3 billion).
- e& confirmed its representative has resigned as a non-executive director of Vodafone, and the company will no longer have any influence on Vodafone’s board or executive management.
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