UAE-based e& continued to build its equity in Vodafone Group, reaching 12 per cent of the latter’s issued shares with its latest transaction as it reiterated the potential for future commercial tie-ups between the pair.

In a stock market statement, e& (formerly known as Etisalat) indicated the purchase of additional shares had been completed yesterday (17 January).

It described the buy as being at an “attractive valuation” though did not detail how much was spent on the latest increase.

The move to take it to a 12 per cent stake, excluding treasury shares, comes after e& splashed $4.4 billion on a 9.8 stake in Vodafone in May 2022. Last month, it boosted this to 11 per cent.

In the statements announcing each transaction, the company has maintained its investment is to obtain “significant exposure to a global leader”, alongside using the relationship for potential commercial partnerships and realising a return on investment.

The investment comes at a time of change at Vodafone, with the company in the process of cutting costs and currently without a permanent CEO after the departure of Nick Read at the turn of the year.

Earlier this month, Vodafone announced the head of its Spanish business was also set to depart in one of a number of corporate changes.