Sovereign Wealth-Backed Etisalat Buys 9.8 Stake in Vodafone
Posted on 05/16/2022
Emirates Telecommunication Group Company PJSC (Etisalat), or now referred to as e&, acquired a 9.8% stake in Vodafone (Vodafone Group Plc) for US$ 4.4 billion, making the UAE-based telecommunications firm the largest shareholder. E& made the investment to gain “significant exposure to a world leader in connectivity and digital services”, adding it had no intention of making an offer for the whole of Vodafone.
Vodafone said it looked forward to building a long-term relationship with e&. “We continue to make good progress with our long-term strategic plans and will provide an update in our FY22 results announcement on 17 May,” it said in a statement.
The Emirates Investment Authority (EIA) owns 60% of Etisalat, or 5,218,052,506 shares, according to recently obtained figures.