UAE Telecom Firm e& Pays $4.4 Billion for 9.8% of Vodafone (4)

Emirates Telecommunications Group Company PJSC bought a 9.8% stake in Vodafone Group Plc for $4.4 billion as the Middle Eastern technology provider seeks to expand globally.

The company, formerly known as Etisalat Group and now rebranded as e&, offered about 130 pence ($1.59) a share for the stake, according to Bloomberg calculations. That’s a premium of about 10% to Vodafone’s closing price of 117.82 pence on Friday. The purchase makes the UAE-based company the largest shareholder in Vodafone, ahead of BlackRock Inc., the Vanguard Group Inc., and HSBC Holdings Plc, according to Bloomberg data.

State-controlled e& plans to remain a ...