RIYADH: Emirates Telecommunication Group Co., known as e&, has purchased a 9.8 percent stake in the British telecom group Vodafone, in a deal valued at $4.4 billion as it seeks global expansion.
Formerly known as Etisalat, the company has acquired around 2,766 million shares in Vodafone Group, it said in a statement.
The transaction comes in line with the telecom company’s efforts to become a global player in the field and increase its exposure to international markets.
“We are looking forward to building a mutually beneficial strategic partnership with Vodafone with the goal of driving value creation for both our businesses, exploring opportunities in the rapidly developing global telecom market and supporting the adoption of next-generation technologies,” CEO Hatem Dowidar said.
e& aims to be a long-term shareholder in Vodafone and is not seeking to influence the board’s management team, the statement added.
