By Kyle Morris

Vodafone Group said Thursday that it and Emirates Telecommunications Group--known as E&--have agreed on a strategic relationship that will see the latter become a cornerstone shareholder in the U.K. telecoms company.

The relationship will enable collaboration in a range of areas, including cross-border digital services, fixed and mobile connectivity, procurement roaming, Vodafone said.

The E& chief executive will join the Vodafone board as a nonexecutive director as long as E& maintains its current shareholding of 14.6%, it said. E& will also have the ability to nominate a second nonexecutive director if its shareholding exceeds 20%, Vodafone said.

"We know E& well and I'm delighted we have strengthened our existing relationship through this strategic partnership . This closer alignment allows us to capture opportunities in our respective markets and brings additional telecoms experience to our board," Vodafone Chief Executive Margherita Della Valle said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

May 11, 2023 02:54 ET (06:54 GMT)

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