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| Emirates Telecommunications Group (E&G) with Vodafone |
Shares of Vodafone and E&P, the UAE-based companies, jumped in trading on Friday, recording their strongest daily performance in several years.
This strong performance came after E&P announced the sale of its stake in Vodafone in a deal valued at $5.95 billion.
Vodafone shares on the London Stock Exchange jumped 11.19% to £108.70 by 12:47 Moscow time, heading towards their highest daily gain in seven years.
Shares of Emirates Telecommunications also rose by 4.68% to AED 20.58, heading for their highest daily gain in more than two years.
Earlier today, Emirates Telecommunications Group (E&G) said it would sell its stake in Vodafone for $5.95 billion to the Neal family group, thus ending its investment in the British company.
The company stated in a disclosure: "E&P Group has entered into a binding agreement with Vega, a wholly owned acquisition company of the Nell family group (owned by French billionaire Xavier Nell), to sell its entire stake, representing approximately 16.21% of Vodafone's share capital, for 112.5 pence per share."
