Emirates Telecommunications acquires 9.8% stake in Vodafone for $4.4 billion

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Emirates Telecommunications acquires 9.8% stake in Vodafone for $4.4 billion

The Vodafone logo is seen at the Mobile World Congress in Barcelona.

DUBAI Reuters -- Emirates Telecommunications Group Company PJSC, now known as e, said on Saturday it has acquired a 9.8% stake in Vodafone for $4.4 billion.

The move came after e said it was looking to expand into new markets in Africa, Europe and Asia and in areas that are outside telecoms, such as financial technology, as it seeks to drive growth.

The United Arab Emirates-based telecommunications firm said it made the investment to gain exposure to a world leader in connectivity and digital services. The company's board and existing management team support the company's current business strategy and that it is fully supportive of the company's current business strategy.

The investment will allow e and its shareholders to expand their international portfolio, in line with our strategic ambitions, according to CEO Hatem Dowidar.

The UAE firm has recently separated its business into consumer services-focused e life, and e enterprise to provide digital services to government and business, as well as the world's seventh largest market cap, according to its CEO, Etisalat.