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Etisalat Sells Vodafone’s Entire Stake for ~$5.9bn
July 13, 2026
– Vandit P
UAE telecoms group e& (formerly Etisalat) agreed to sell its roughly 16.2% stake in Vodafone for about £4.4bn ($5.9bn) to French billionaire Xavier Niel. Vega, his family investment vehicle, bought the stake at a 15% premium to Vodafone’s share price on Thursday. With this, he is set to become Vodafone’s largest shareholder. Niel approached e& directly and the transaction was agreed upon within days. This marks a pullback for e& which had been looking to exit investments tied to its expansion beyond its core telecoms business, weighing on its earnings growth. Niel has long pushed for consolidation in Europe’s fragmented telecoms industry through his Iliad group. Analysts expect him to potentially drive further cost cuts and boost free cash flow growth for Vodafone. Recently, Vodafone completed its merger with Three UK, making it Britain’s largest mobile operator.
Vodafone’s bonds traded stable with its 5% 2038s at 95.0, yielding 5.6%
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