UAE’s e& sells its Vodafone stake for $6 billion to France’s Niel

UAE telecom giant e& is cashing out of Vodafone, selling its entire 16.2% stake for about $5.9 billion to French telecom billionaire Xavier Niel’s investment vehicle Vega.

The sale gives e&, which is majority-owned by the Emirates Investment Authority, a clean exit from the holding it started building in 2022.

Under e&, Vodafone has spent the past three years shrinking its European portfolio, selling businesses in Spain and Italy, while merging with Three UK to create Britain’s largest mobile operator.

E&, short for Emirates Telecommunications Group, first bought a 9.8% stake in Vodafone in 2022, then steadily increased its holding to 16.2%.

The transaction ends the companies’ four-year relationship, and former e& CEO Hatem Dowidar has resigned from Vodafone’s board.