E& Sells Entire Vodafone Stake for $5.95 Billion

E& Group, a United Arab Emirates-based telecommunications operator, has agreed to sell its entire 16.21% shareholding in Vodafone. The deal, valued at $5.95 billion, is with a company controlled by the family group of prominent French telecoms entrepreneur Xavier Niel. This strategic divestment will see E& receive 112.5 pence per share for its stake, significantly above Vodafone's recent closing share price of 97.76 pence.

Following the completion of this transaction, E& Group will no longer hold any controlling interest or exert influence over Vodafone's board or management. An E& representative has already stepped down as a non-executive director from Vodafone's board. The sale is expected to yield a net cash return of approximately $1.3 billion for E&.