e& boosts Vodafone stake to 11%
e&, formerly known as Etisalat has increased its stake in Vodafone Group to 11%.
formerly known as Etisalat has increased its stake in Vodafone Group to 11%.
The move comes just days after Nick Read, former CEO of the firm announced he would be stepping down from the role.
This decision came after a sharp drop in Vodafone’s share price, with the firm recording a more than 40% fall in the company’s share price during his four-year stint.
In May, the UAE-based operator took an initial 9.8% stake in the company for US$4.4 billion but Vodafone says a full takeover will not happen.
Vodafone said in a statement: “The rationale of e&’s investment in Vodafone is unchanged from the original investment, as announced on May 14, 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation.
“e& has no intention to make an offer for Vodafone.”
e& has steadily been increasing its investment portfolio after its rebrand (and renaming) in February.
The company launched a US$250 million venture capital fund as part of one of its new investment units as it looks to support tech start-ups.