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French tycoon Niel becomes Vodafone's top shareholder in $6 billion deal
The sale ends E&’s investment in Vodafone and gives it about $1.3 billion in net cash after a portfolio review, the company said.
- On Friday, UAE telecoms group EAND announced it will sell its 16% stake in Vodafone to the family group of French billionaire Xavier Niel for $5.95 billion, ending its investment in the British firm.
- The Abu Dhabi-based company stated the decision reflects the 'natural evolution' of its priorities to 'sharpen its strategic focus on core businesses' while unlocking about $1.3 billion in cash.
- Vodafone shares rose over 11% in early London trade today, while EAND confirmed its board representative stepped down and will no longer seek to influence the British firm's management.
- Niel, founder of French telecoms firm Iliad, holds investments in nine countries with about 50 million active subscribers; shares are held by three financial institutions pending regulatory completion.
- Vodafone welcomed the new shareholder, stating, 'We know the Niel family group well and look forward to engaging with them as a supportive, long-term shareholder.
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The businessman will acquire, via a company, 16.2% of the capital of the telecom undertaking, by purchasing the shares of Emirates Telecommunications.
·Paris, France
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French billionaire Xavier Niel has become Vodafone's largest shareholder, buying a 16% stake in the company for £4.4 billion. French billionaire Xavier Niel has bought a 16% stake in Vodafone for £4.4 billion, becoming its largest shareholder. Emirati e& sold its stake for 112.5 pence per share.
·Kyiv, Ukraine
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Coverage Details
Total News Sources64
Leaning Left8Leaning Right10Center11Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 28%
C 38%
R 34%
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