July 10 (Reuters) – UAE telecoms operator E& Group said on Friday it would sell its entire stake in Vodafone to a company owned by the family group of French telecoms tycoon Xavier Niel for $5.95 billion.
E& will divest its entire holding of 16.21% stake in Vodafone for 112.5 pence per share, it said.
Vodafone’s shares last closed at 97.76 pence.
E& said it would no longer exert control or influence Vodafone’s board or management team, adding that its board representative had stepped down as a non-executive director of Vodafone.
The transaction will result in net cash return of about $1.3 billion, E& said.
(Reporting by Disha Mishra in Bengaluru; Editing by Subhranshu Sahu)
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