Emirates Telecommunications Group (e&) has agreed to sell its entire shareholding in Vodafone Group to Vega, an investment vehicle owned by the family of French billionaire Xavier Niel, in a deal valued at approximately $5.95 billion.
The transaction, announced on July 10, 2026, covers e&’s roughly 16.2% stake, consisting of about 3.94 billion shares. Vega will acquire the shares at 112.5 pence each, including Vodafone’s final dividend for the 2026 fiscal year.
The sale follows a strategic review by e&, which first acquired a stake in Vodafone in 2022. Upon completion, expected by the end of 2026 subject to regulatory approvals, e& will exit its investment and terminate its relationship agreement and board representation with the UK telecoms operator.
Vodafone stated that it expects the Niel family group to be a supportive long-term investor. Niel, founder of Iliad Group (Free), has previously shown interest in Vodafone assets, including failed attempts to acquire its Italian unit.
The deal represents a premium for e&, which built its position over several years. For Vodafone, the ownership shift ends a period of involvement from the UAE group and introduces a new major shareholder.
No immediate changes to Vodafone’s strategy or operations were announced. The transaction is expected to generate a net cash return for e& of about AED 4.7 billion.
Vodafone shares rose following the news. The company continues to face pressures in its European markets while pursuing cost-cutting and asset optimisation measures.
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