e& (formerly known as Etisalat Group) has further increased its stake in Britain’s Vodafone Group.

With the current announcement, the technology group now holds more than 3.272 billion shares in Vodafone, representing 12% of the British mobile phone firm’s issued share capital, excluding treasury shares, according to the company statement presented at the Abu Dhabi Securities Exchange (ADX).

“Executed at what we believe is an attractive valuation, the investment rationale is unchanged from our announcement on 14th of May, 2022, specifically to obtain significant exposure to a global leader and leverage potential commercial partnership and realise future return on our investment,” the Abu Dhabi-based firm said.

In May, Etisalat became Vodafone’s biggest shareholder after acquiring a 9.8% stake in the company for $4.4 billion. The state-backed firm further increased its stake to 11% in December 2022.

Vodafone is one of the strongest and most globally recognized brands across the telecom industry. It is a pioneer of digital transformation, offering some of the most advanced technology and next-generation solutions, including IoT, telematics, B2B solutions and FinTech services, within the telecom industry and for the wider benefit of society. Vodafone’s strong reputation for being a leading digital-first operator, underpinned by its rigorous approach to corporate governance and well-regulated global footprint, makes it an attractive opportunity for e& at this current time.

Also read: e& Named MEA’s Most Valuable Portfolio of Telecom Brands

Etisalat Group changed its brand identity to e& in February 2022, as part of a wider strategy to accelerate resilient long-term growth. Successfully aligning all its business verticals and subsidiaries, e& raised its brand profile globally through impactful communications and international partnerships with such admired brands as Etihad Airways, the Abu Dhabi Formula 1 Grand Prix, Manchester City Football Club, and African football giants Al Ahly SC.

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