Emirates Telecom buys a stake in Vodafone for $4.4 billion

Emirates Telecom buys a stake in Vodafone for $4.4 billion
Emirates Telecom buys a stake in Vodafone for $4.4 billion

A disclosure to the Abu Dhabi market from the Emirates Telecommunications Group revealed that the group acquired a 9.8% stake in Vodafone.

The statement, issued today, Saturday, stated that the “Emirates Telecom Group” acquired approximately 2.766 million shares in Vodafone, at a cost of approximately $4.4 billion.

The company said that the aim of the investment is to benefit from the company’s global expertise in the field of communications and digital services.

Vodafone is one of the most powerful and well-known brands in the world in the telecommunications sector and is unique in its leadership in the field of digital transformation.

Emirates Telecom added that it fully supports the Vodafone Group Board of Directors, the current management team and the current business strategy announced in November 2021.

She clarified that she does not seek representation on the Board of Directors and is fully confident in the company’s ability to generate value from its current business and other potential strategic transactions.

Etisalat plans to be a supportive long-term shareholder in Vodafone and does not seek to impose control or influence on the Company’s Board of Directors or the management team, and similarly the Company has no intention of making an offer to the Vodafone Group.

Hatem Dowidar, CEO of Etisalat Group, said: “Vodafone is one of the leading companies at the core of the digital communications sector in Europe and Africa, and is characterized by an attractive business that provides important communications and digital services.”

He continued, “Our investment represents a unique opportunity to acquire an important stake in a company we know well and is one of the leading and strongest brands in the global telecom field. We look forward to building a strategic partnership with Vodafone in order to achieve mutual benefit and create value for our business, in addition to exploring “promising opportunities in The global telecom market is rapidly evolving and supporting the adoption of next generation technology.

Vodafone is a pioneer in digital transformation, providing some of the most advanced technologies and next-generation solutions, including Internet of Things, Information Technology, Enterprise Solutions and FinTech services, according to the statement.

The article is in Arabic

Tags: Emirates Telecom buys stake Vodafone billion

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