Paris, July 10, 2026 (GLOBE NEWSWIRE) -- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "UK TAKEOVER CODE")
Investment in Vodafone
Vega, an acquisition vehicle wholly owned by the Niel family group, announces today that it has entered into a binding agreement with Emirates Telecommunications Group Co. PJSC ("e&") in relation to the acquisition of approximately 16.2% of the issued share capital of Vodafone Group Plc, one of the largest telecom operators in Europe and Africa, for a total cash consideration of approximately £4.4 billion (€5.1 billion). Vega, established solely for the purpose of holding shares in Vodafone, will become the largest shareholder of Vodafone upon the closing of the transaction, after approval of the relevant authorities.
Through Xavier Niel's telecoms investments and businesses, Vega brings exceptional sector expertise and a proven track record of successfully developing high-quality assets at scale. Vega intends to be a committed, long-term shareholder and supportive partner to Vodafone. This investment underscores Vega's confidence in Vodafone's long-term growth and untapped value creation potential.
Key transaction terms
Vega has been established solely for the purpose of holding the shares in Vodafone and is indirectly wholly-owned by the Niel family group, the #1 private investor in the telecoms sector in Europe.
e& will sell its entire stake of 3,944,743,685 shares representing approximately 16.21% of the issued share capital and 17.13% of the voting rights of Vodafone for a price per share of £1.104792. e& will also receive the amount of the final dividend of 2.3625 eurocents to be paid on July 30 by Vodafone.
The shares will be acquired through off-market block trades by certain financial institutions for hedging purposes under financial instruments entered into by Vega, which will be physically settled after the required regulatory approvals have been obtained. Such physical settlement is expected to occur by year end. Vega will shortly initiate contacts with the U.K. Government in relation to the proposed investment and will work constructively with the relevant authorities throughout the process.
Vega's investment in Vodafone will be fully financed by Xavier Niel and financial institutions with no recourse to, and no impact on leverage of, any Niel family group-controlled entities1.