By Joe Hoppe

 

Atlas Investissement, the investment vehicle of French billionaire businessman Xavier Niel, has purchased a 2.5% stake in Vodafone Group PLC--worth around 753 million pounds ($857 million).

Vodafone shares at 0912 GMT were up 2.02 pence, or 1.9%, at 108.4 pence. Given it has 27.73 billion shares in issue, this gives it a market cap of GBP30.12 billion.

"Atlas Investissement has identified Vodafone as an attractive investment opportunity, as per the quality of its assets portfolio and the solid underlying trends in the global telecommunications sector," the company said.

Atlas said it sees opportunities to speed up both the streamlining of Vodafone's footprint and the separation of its infrastructure assets, further reduce costs, and accelerate broadband development, among others.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

September 21, 2022 05:30 ET (09:30 GMT)

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