French Billionaire Xavier Niel Gets CCI Nod to Acquire 16.2% Stake in Vodafone

French billionaire Xavier Niel has received approval from the Competition Commission of India (CCI) to acquire a 16.2 per cent stake in Vodafone Group Plc, clearing a key regulatory hurdle for a deal that could make him the UK-based telecom operator’s largest shareholder.

The acquisition will be carried out through Vega SAS, a wholly owned subsidiary of Maya SAS, a French company controlled by Niel and his family. Niel is the founder of telecom company Iliad.

In a statement on Friday, the CCI said the proposed transaction involved the acquisition of 16.2% of Vodafone Group’s issued share capital by Vega SAS. The regulator also confirmed the approval in a post on X.

Deal valued at around £4.4 billion

In July, Vega announced a binding agreement with Emirates Telecommunications Group Co PJSC to purchase its 16.2% holding in Vodafone for approximately £4.4 billion (5.1 billion euros) in cash.

Vega was established specifically to hold shares in Vodafone. Once the transaction is completed, the investment vehicle is expected to become the telecom group’s largest shareholder.

Vodafone’s India operations through Vodafone Idea

While Vega has no business operations or presence in India, Vodafone operates in the country through Vodafone Idea Ltd, which provides mobile and fixed-line telecommunications services.

The CCI's approval was required as the transaction crossed the regulatory thresholds for scrutiny under India's competition laws.

Vodafone reshapes global business

Vodafone, which operates across Europe and Africa, has undertaken several major portfolio changes in recent years.

These include selling its businesses in Italy and Spain, divesting its 50 per cent stake in a Dutch joint venture, and merging its UK operations with Three to create the country's largest mobile operator.

The CCI is responsible for preventing anti-competitive practices and promoting fair competition in the Indian market.