French billionaire Xavier Niel has agreed to buy Abu Dhabi-based telecom company e&’s 16.2% stake in Vodafone for about $6 billion. The deal would make him the UK carrier’s largest shareholder once regulators approve it.

The acquisition will be made through Vega, Niel’s family investment vehicle.

Niel first bought a 2.5% stake in 2022 and backed consolidation, infrastructure separation, cost cuts, and a smaller footprint at Vodafone.

Vega said the purchase is a long-term minority investment and that it does not intend to bid for all of Vodafone.

The sale also ends e&’s relationship with Vodafone. e&, which invested 3 billion pounds (US$4.02 billion) in Vodafone in 2022, said separately that former chief executive Hatem Dowidar has resigned from Vodafone’s board.

The companies expect the deal to close by the end of the year, subject to regulatory approval. Vodafone said financial institutions will hold the shares for Vega until then.

🔗 Source: Bloomberg

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