Emirates Telecommunications Group (e&) is divesting its entire 16.21% stake in Vodafone to Vega, a vehicle owned by the Niel family group. The $5.95 billion (AED 21.8 billion) deal follows a strategic review and terminates the relationship agreement between the companies. The sale, conducted via off-market block trades, is expected to generate a net cash return of approximately $1.3 billion for e&.
Following the termination of the Relationship Agreement, e& has signed a binding agreement with Vega, an acquisition vehicle wholly owned by the Niel family group, to divest its entire holding of 3,944,743,685 ordinary shares in Vodafone, representing approximately 16.21% of Vodafone’s issued share capital and 17.13% of its total voting rights, for a total consideration of 112.5 GBp per share. This comprises approximately 110.5 GBp per share in cash from the buyer and Vodafone’s final FY26 dividend (of 2.02 GBp per share, to be received on 30 July 2026).
The shares will be sold simultaneously through off-market block trades to three financial institutions, who will hold the shares until Vega completes regulatory requirements.
Upon completion of the transfer of the Shares to the financial institutions, the transaction will generate cash proceeds to e& of approximately AED 21.8 billion (USD 5.95 billion), inclusive of final FY26 dividend. The transaction is expected to deliver a net cash return of approximately AED 4.7 billion (USD 1.3 billion).
