Emirates Telecom's Stake Purchase in Vodafone Gets CCI's Nod
The Competition Commission of India (CCI) on Wednesday granted its approval to Atlas 2022 Holdings' proposed acquisition
Emirates Telecom's Stake Purchase in Vodafone Gets CCI's Nod
The Competition Commission of India (CCI) on Wednesday granted its approval to Atlas 2022 Holdings' proposed acquisition of additional shares in Vodafone Group Plc. Atlas 2022 Holdings is a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC (formerly known as Etisalat Group), headquartered in Abu Dhabi.
The combination involves Atlas 2022 Holdings Ltd's proposal to increase its stake in Vodafone Group Plc from 14.6 per cent to less than 25 per cent.
"CCI approves the proposed acquisition by Atlas 2022 Holdings Limited to increase its shareholding in Vodafone from 14.6% to less than 25% in Vodafone Group Plc," CCI informed in a post on social media platform X.
Vodafone, a British telecommunications company, offers mobile and fixed-line connectivity services to a wide customer base spanning Europe, Africa, and Asia.
In a separate announcement, the CCI stated that it had approved Abu Dhabi Ports Company's stake acquisition in Delanord Investments.
Delanord Investments is a provider of short-sea vessel operation services in the Middle East, Indian subcontinent, and Southeast Asia.
Abu Dhabi Ports Company is a global logistics powerhouse, operating ports, vessels, and freight forwarding services.
According to rules, transactions exceeding a specified threshold require the approval of the regulator, which safeguards against anti-competitive practices and fosters a level playing field in the market.