French tycoon Niel becomes Vodafone’s top shareholder in $6 billion deal

PARIS/DUBAI: French billionaire Xavier Niel is set to become Vodafone Group’s largest shareholder, after UAE telecoms group e& agreed to sell its entire stake in the British telecoms group for almost $6 billion.

The deal gives one of Europe’s most active telecoms dealmakers, who has long championed consolidation in its fragmented industry, the largest stake in Britain’s biggest mobile operator. Niel, 58, approached e& directly after spotting an opportunity to build a large position in ‌Vodafone at what he ⁠saw as ⁠an attractive valuation following a share price decline, and the transaction was agreed within days, a person familiar with the matter said.