United Arab Emirates-based E& has acquired a 9.8% stake in Vodafone Group for £4.4 billion, a move to expand into new markets and its financial technology arm.
Reuters reported, that E& bought the stake to gain "significant exposure to a world leader in connectivity and digital services", and there are no intentions to acquire the London-based group, adding it is supportive of Vodafone’s current strategy and existing team.
Vodafone said in a separate statement: “We continue to make good progress with our long-term strategic plans and will provide an update in our FY22 results announcement on 17 May”.
Vodafone has been under significant pressure to improve its margins. The group recently reported a net debt of €44.3 billion ($46.1 billion), and a share price dip of 20% since current chief executive Nick Read took the reins in 2018, reported Reuters.
E&, formerly operated as Etisalat Group, recently separated its business into E& Life which focuses on consumer services, and E& enterprise which sells to government and businesses.
