Key facts
- Xavier Niel has become Vodafone's largest shareholder by acquiring a 16.2% stake for $5.95 billion.
- The stake was purchased from UAE's E& Group.
- Niel's investment vehicle, Vega, intends to be a long-term minority shareholder.
- Vodafone shares surged following the announcement.
- The transaction is subject to regulatory approvals.
French billionaire Xavier Niel has become the largest shareholder of Vodafone Group after his investment vehicle, Vega, acquired a 16.2% stake from UAE's E& Group for approximately 4.4 billion pounds ($5.91 billion). The deal, announced July 10, is subject to regulatory approval, after which E& Group will also step down from Vodafone's board. Niel, who also owns Ukraine's Lifecell, expressed confidence in Vodafone's potential for growth and value unlocking across its European and African operations. Analysts suggest Niel's history as an active shareholder could lead to strategic changes within Vodafone.