Atlas 2022 Holdings Limited Acquires More Shares In Vodafone

  • Approved by the Competition Commission of India (CCI).

Atlas 2022 Holdings Limited (Atlas):

  • It is a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC (e&).
  • It was incorporated on 24th February 2022, in the Cayman Islands, to acquire and hold e&’s current 14.6% interest in Vodafone.

E&:

  • It is a telecommunications operator headquartered and based in Abu Dhabi, United Arab Emirates.
  • Previously known as Etisalat Group.
  • It provides services in various countries across the Middle East Asia and Africa.
  • Neither Atlas nor e& has any physical presence in India.
  • E& does not have any Indian subsidiaries.
  • It does not hold a licence to operate as a mobile network operator in India.

Vodafone Group Plc:

  • It is a British telecommunications operator headquartered and based in Newbury, England.
  • It provides mobile and fixed-line connectivity services, and connectivity products and services to customers predominantly across Europe, Africa and Asia.
  • In India, it is active in the telecommunications sector through Vodafone Idea Limited (VI India) and its step-down subsidiaries.
  • VI India offers mobile telephony services; broadband services; content and digital offerings (in partnership with various over-the-top apps and content creators); and various Value Added Services.

The Deal:

  • Atlas’s proposed acquisition to increase its voting rights/shareholding in Vodafone.
  • From 14.6% to less than 25% in Vodafone Group Plc. in Vodafone.
  • Through a series of on-market and/or off-market transactions (Proposed Combination).
Posted in Current Affairs.