Vodafone sell stake to French investment firm

Vodafone have sold a 2.5% stake to a French investment firm, Atlas Investissement.

The financial injection, which is in the region of £750million, will reportedly be used to consolidate the telecommunication giants position in Italy and the UK.

As a result of the transaction the valuie of Vodafone shares rose by 2% to 108.76p on the LSE. The purchase is seen within the industry as validation of Vodafone's stance regarding consolidation among European telecom providers. The company have their UK headquarters in Newbury.

Atlas Investissement is headed by co-owner of French national newspaper, Xavier Niel. The entrepreneur previously founded French telecoms company, Iliad who attempted an unsuccessful takeover of Vodafone Italy earlier this year.

Earlier this year Vodafone chief executive, Nick Read, urged regulators and governments to support industry consolidation in digital infrastructure. The company is currently investigating a number of other merger and acquisition projects across Europe.

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