The Competition Commission of India granted regulatory clearance for Vega SAS to buy a 16.2 percent stake in Vodafone Group Plc. Operating as an investment entity for Iliad founder Xavier Niel, Vega agreed in July to acquire the holding from Emirates Telecommunications Group for about £4.4 billion in cash. Although Vega currently maintains no business operations in India, regulatory scrutiny was required because Vodafone actively provides mobile and fixed-line services there via Vodafone Idea Ltd. The deal finalizes as Vodafone continues reorganizing its international footprint through divestments in Italy, Spain, and the Netherlands.
Key points
Regulatory clearance from the Competition Commission of India was required because the de…: Regulatory clearance from the Competition Commission of India was required because the deal crossed specific financial thresholds.
Investment vehicle Vega SAS was created specifically for this transaction and holds no in…: Investment vehicle Vega SAS was created specifically for this transaction and holds no independent business presence in India.
The ownership change progresses alongside Vodafone's ongoing strategic divestments across…: The ownership change progresses alongside Vodafone's ongoing strategic divestments across its European assets in Spain, Italy, and the Netherlands.
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The proposed acquisition will be made through Vega SAS, a wholly owned subsidiary of Maya SAS, a French simplified joint-stock company. Niel, the founder of telecom company Iliad, is pursuing the investment through the family-controlled vehicle.
"The proposed combination envisages acquisition of 16.2 per cent of the issued share capital in Vodafone Group Plc (target) by Vega SAS (acquirer)," the Competition Commission of India (CCI) said in a release on Friday.
The regulator also confirmed the clearance in a post on X, stating: "Commission approves acquisition of 16.2 per cent of the issued share capital in Vodafone Group PLC by Vega SAS."
Vega has no business presence or operations in India. Vodafone, however, operates in the country through Vodafone Idea Ltd, providing fixed-line and mobile telecommunications services.
In July, Vega had announced a binding agreement with Emirates Telecommunications Group Co PJSC to purchase the 16.2% holding in Vodafone for about £4.4 billion (5.1 billion euros) in cash. The investment vehicle was set up specifically to hold shares in Vodafone.
The transaction will make Vega Vodafone’s largest shareholder once it is…
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