Overview
- Vega and e& announced a binding agreement on July 10, 2026 in which Vega will acquire roughly 16.2% of Vodafone for 112.5 GBp a share using off‑market block trades that financial institutions will hold until regulatory clearances are obtained.
- The deal values the position at about £4.4 billion and will generate gross proceeds to e& of roughly AED 21.8 billion including a final dividend, with an expected net cash return to e& of about AED 4.7 billion.
- e& has terminated its relationship agreement with Vodafone and its board representative has resigned, leaving Vega as the prospective largest shareholder once physical settlement completes.
- Vega says it intends to be a long‑term minority investor and does not plan an immediate takeover bid under Rule 2.8 of the UK Takeover Code but reserves the right to change that stance in specified circumstances; the purchase is financed by Xavier Niel and financial institutions with no recourse to other Niel group entities.
- Markets reacted strongly with Vodafone shares rising around 11–12% on the news and analysts say the transaction will face close scrutiny by UK regulators and other authorities before physical settlement, which Vega expects by year‑end.