Emirates Telecommunications Group Company PJSC, now known as e&, has acquired a 9.8% stake in Vodafone for $4.4 billion, it said on Saturday. T
he move comes days after e& said it was looking to expand into new markets in Africa, Europe and Asia and in areas outside telecoms such as financial technology as its seeks to drive growth.
Vodafone, like all mobile operators, has been struggling in its more mature markets, where competition and regulation have pushed prices lower.
Net debt at the group has reached 44.3 billion euros, and its Chief Executive Nick Read is under pressure to simplify its portfolio and improve returns after a more than 20% slide in its share price since he took over in 2018. Vodafone was not immediately available for comment.
