Emirates Telecom Group company PJSC “E&” (Etisalat Group) on Saturday announced the acquisition of approximately 2,766 million shares in Vodafone Group Plc, for a total of $4.4 billion. The shares represent 9.8% of Vodafone’s issued share capital. The transaction is in line with E&E’s ambition to become a global player in telecommunications and technology and to increase its exposure to international markets.
Emirates-based multinational telecommunications service provider expected to invest in United Kingdom headquarters vodafone To achieve significant performance for a world leader in connectivity and digital services.
E&K Group CEO Hatem Dovidar said, “Vodafone is one of the leading businesses at the center of digital communications in Europe and Africa, with a compelling business offering critical connectivity and digital services.”
Dovidar said, “Our investment represents a unique opportunity to acquire a significant stake in one of the leading and strongest global telecommunications brands, and a company we know well. We are looking forward to building a mutually beneficial strategic partnership with you. Promoting value creation for both our businesses, exploring opportunities in the rapidly growing global telecommunications market, and supporting the adoption of next-generation technologies.”
In its filing on the Abu Dhabi Securities Exchange, E&S said that based on Vodafone’s strong reputation for being a leading digital-first operator, its rigorous approach to corporate governance and well-regulated global footprint, it has been recognized as such. Makes a lucrative opportunity for E&E. time.
E&S considers this investment as a highly efficient use of its strong balance sheet at attractive and attractive valuations along with strong currency diversification benefits.
According to E&E, the deal offers a clear opportunity to realize future value through potential capital gains and dividends. This could also lead to potential commercial partnerships in the areas of R&D, technical applications and procurement.
“We see this investment as a great opportunity for E&& its shareholders as it will allow us to grow and grow our international portfolio in line with our strategic ambition,” Dovider said.
e& said they fully support Vodafone’s board and current management team and its current business strategy announced in November 2021.
In addition, the board of E&V Vodafone does not seek representation and said, it is “confident about the company’s ability to unlock value from its organic business activity and other potential strategic transactions.”
In addition, e& plans to become a long-term shareholder in Vodafone and has no plans to control or influence the company’s business operations.
“E&P plans to become a long-term and subsidiary shareholder in Vodafone and is not seeking to exercise control or influence over the Company’s board or management team. Similarly, E&K has no intention of making an offer to Vodafone No,” it said in the filing.
On Friday, E&X shares closed at 31.50 AED, up 1.86 per cent on ADX.