e& Completes Vodafone Stake Transfer; Receives AED21.5 Billion in Cash Proceeds

▤ Summary

e& completed the transfer of its entire Vodafone stake and received AED21.5 billion in gross cash proceeds. The deal involved more than 3.9 billion Vodafone ordinary shares transferred to BNPP Financial Markets, Crédit Agricole Corporate and Investment Bank, and Société Générale. e& will also receive an additional dividend-linked payment on July 30, bringing total consideration to AED21.9 billion. The company says the transaction will generate a net cash return of AED4.8 billion. Vodafone is a major telecom operator in Europe and Africa.

▦ Linked Companies

e& (etisalat and)

$10M to $25M