The United Arab Emirates-based telecoms group e& bought a 9.8% stake in Vodafone for $4.4 billion. The announcement comes days after e& said it wanted to expand into new markets and areas like financial technology.
E&, formerly known as Emirates Telecommunications Group, made the investment "to gain significant exposure to a world leader in connectivity and digital services." In addition, it stated it had no intention of making an offer for the whole of Vodafone.
The UAE group has also created a special holding company, Atlas 2022, to control its Vodafone stake. It planned to be a "long-term and supportive shareholder in Vodafone and is not seeking to exert control or influence the company’s board or management team."
E&'s CEO Hatem Dowidar s...