UAE's e& increases stake in Vodafone Group

UAE telecommunications company e&, formerly Etisalat, has upped its stake in London-listed Vodafone Group.

E& now holds more than 3.272bn shares in Vodafone, which represents a 12% stake.

The additional shares were bought on Tuesday for an undisclosed sum.

E& said: "Executed at what we believe is an attractive valuation, the investment rationale is unchanged from our announcement on 14th of May 2022, specifically to obtain significant exposure to a global leader, and leverage potential commercial partnership and realise future return on our investment."