Atlas 2022 Gets CCI Approval for Stake Hike in Vodafone Group

The Competition Commission of India (CCI) has granted approval for Atlas 2022 Holdings Limited, a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC, to elevate its voting rights/shareholding in Vodafone Group Plc. from 14.6% to below 25%.

Atlas, established in the Cayman Islands on February 24, 2022, for the specific purpose of acquiring and holding e&'s current 14.6% interest in Vodafone, has successfully navigated regulatory clearance from the CCI. Emirates Telecommunications Group, commonly known as e&, operates as a telecommunications giant headquartered in Abu Dhabi, United Arab Emirates, catering to various countries in the Middle East, Asia, and Africa. Notably, neither Atlas nor e& maintains a physical presence in India, and e& does not possess a license to operate as a mobile network operator in the country.

Vodafone Group Plc., the British telecommunications operator headquartered in Newbury, England, predominantly serves customers across Europe, Africa, and Asia. In India, Vodafone operates through Vodafone Idea Limited (VI India) and its step-down subsidiaries, offering a range of telecommunications services, broadband services, digital offerings, and value-added services.

The proposed acquisition by Atlas pertains to its plan to boost its voting rights/shareholding in Vodafone from 14.6% to below 25% through a series of on-market and/or off-market transactions. This strategic move signifies a noteworthy development in the global telecommunications landscape, underlining the dynamic nature of cross-border investments and partnerships in the industry.