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Etisalat – recently renamed ‘e&’ – is extending its influence in the African telecoms market. The state-controlled Emirati group has just acquired a 9.8% stake in the British group Vodafone, headed by Nick Read. The transaction, valued at $4.4bn, makes Etisalat the main shareholder of one of the leaders in European and – indirectly – pan-African telecoms. Vodafone controls 60.5% of Vodacom, its pan-African subsidiary that operates in nine markets across the continent.
Avoiding regulatory constraints
In a statement released to the press, e& ruled out a gradual increase in the British company’s capital, saying it wanted to remain “a long-term shareholder in Vodafone and not seek to control or influence either the board or management team”.
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