UAE’s Etisalat buys $4.4 billion stake in Vodafone

– The group acquired 9.8 percent of the global company to benefit from its expertise and digital excellence

The Emirates Telecommunications Group reported that its unit “Atlas 2022 Holdings Limited” acquired 2,766 million shares in Vodafone for $4.4 billion.

In a statement to the Abu Dhabi Securities Exchange, the group added that it now owns 9.8 percent of Vodafone’s shares, indicating that the acquisition objective is to benefit from the global expertise of Vodafone, which is one of the world’s most powerful brands in the telecommunications sector, in addition to its excellence in transformation. digital.

Musk had threatened not to complete the acquisition deal

According to the statement, the “Etisalat Group” supports the Vodafone Board of Directors, the current management team and the current business strategy announced in November 2021, stressing that it does not seek representation on the Board of Directors.

The group continued, “This investment provides an important opportunity to realize future value through capital gains and potential dividends, and this investment may lead to potential business partnerships in the areas of research and development, technology applications and procurement.”

It stated that it does not seek to impose control or influence on the Vodafone Board of Directors, nor does it intend to make an offer to the Vodafone Group.

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