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UAE telecom operator Etisalat acquires 9.8% stake in Vodafone for $4.4bn
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IANS | 15 May, 2022
Etisalat,
the UAE's biggest telecom operator, has acquired a 9.8 per cent stake
in British mobile carrier Vodafone Group for $4.4 billion as it seeks to
diversify operations globally.
Emirates
Telecommunication Group, formerly known as Etisalat and now rebranded as
e&, has acquired approximately 2,766 million shares in Vodafone,
The National reported.
"Vodafone is one of the leading businesses
at the heart of digital communications in Europe and Africa with a
compelling business offering critical connectivity and digital
services," Hatem Dowidar, group chief executive of Etisalat, said.
"Our
investment represents a unique opportunity to acquire a significant
stake in one of the leading and strongest global telecom brands, and a
company that we know well. 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."
The company, based in Abu Dhabi,
was founded in 1976 and is the UAE's oldest telecom business. It has
operations in nearly 16 countries across the Middle East, Asia and
Africa, serving more than 156 million customers.
In February this year, Etisalat rebranded as it sought to transform into a global technology investment conglomerate.
The
UAE telecom operator does not seek board representation on Vodafone and
does not intend to make an offer for the company, the statement said.
"Etisalat
sees this investment as a highly efficient use of its strong balance
sheet at a compelling and attractive valuation with strong currency
diversification benefits. It provides a clear opportunity to realise
future value through potential capital gains and dividends. It may also
lead to possible commercial partnerships in the areas of R&D,
technological applications and procurement," according to the statement.
Vodafone's
reputation for being a digital-first operator, underpinned with its
rigorous approach to corporate governance and well-regulated global
footprint, makes it an attractive opportunity for e& at this current
time, the statement said.
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