Dubai — UAE-based telco-tech holding company e& has effectively increased its stake in UK mobile services provider Vodafone to 16%. This rise in ownership is not the result of purchasing additional shares but stems from Vodafone’s ongoing share buyback program, which has reduced its total share capital.
e& initially acquired a 9.8% stake in Vodafone in May 2022 with a $4 billion investment, which was later raised to 12% in January 2023. The recent buyback program, including a €2 billion repurchase, has decreased Vodafone’s outstanding shares, thereby increasing e&’s ownership percentage while maintaining its total of approximately 3.945 billion shares.
Vodafone’s buyback initiative is part of its strategy to restructure its capital base, enhance shareholder value, and refocus growth efforts, particularly following divestments in European operations and challenges in the German market.
