Deal to generate Dh21.8 billion
The transaction is expected to generate cash proceeds of about Dh21.8 billion, equivalent to $5.95 billion, including the final dividend.
e& expects to record a net cash return of approximately Dh4.7 billion, or $1.3 billion, from the sale.
The shares will initially be transferred through off-market block trades to three financial institutions, which will hold them until Vega completes the required regulatory procedures.
Board representative steps down
e& has also terminated its relationship agreement with Vodafone, while its representative on the British telecoms company’s board has stepped down as a non-executive director.
The sale follows a comprehensive review of e&’s international investment portfolio and marks its full exit from Vodafone.
Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series.
Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy.
An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question.
When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.
