UAE's E& to sell Vodafone stake to French telecoms tycoon Niel for nearly $6 billion

UAE telecoms group E& will sell its $5.95 billion stake in Vodafone to the family group of French billionaire Xavier Niel, ending its investment in the British firm.

​UAE telecoms group E& ​said on Friday it would ‌sell its ​stake in Vodafone for $5.95 billion to the family group of French billionaire Xavier ‌Niel, ending its investment in the British firm after a review of its international portfolio.

The deal prices Vodafone shares at 112.5 pence ‌each, a 15% premium to the last close of 97.76 ‌pence, and will result in a net cash return of about $1.3 billion, E& said. The Abu Dhabi-based company said its decision to exit Vodafone reflected the "natural ⁠evolution" ​of its priorities ⁠to "sharpen its strategic focus on core businesses" while unlocking cash from the ⁠exit.

Niel is the founder and owner of French telecoms firm Iliad. Iliad ​Group did not immediately respond to a Reuters request ⁠for comment. E& said the shares would be sold simultaneously through off-market block trades to ⁠three ​financial institutions, which would hold them until the Niel family group's acquisition vehicle completed regulatory requirements.

It also said it ⁠would no longer seek to influence Vodafone's board or management, and that ⁠its board ⁠representative had stepped down as a non-executive director. There was no immediate statement from Vodafone on the ‌stake sale.