French billionaire Xavier Niel, owner of Ukraine's Lifecell, becomes Vodafone's largest shareholder
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Xavier Niel, the French billionaire and owner of Ukraine’s third-largest telecom operator, has become the largest shareholder of the Vodafone Group after buying a 16.2% stake in the company, Niel’s investment vehicle Vega announced on July 10.
Vega purchased the shares from Emirati telecom group e& for around 4.4 billion pounds ($5.91 billion). The deal, which is still subject to regulatory approval, will also see the Emirati group step down from the board.
"As a simpler, more focused business, Vodafone is ready for a new phase of growth and is well-positioned to unlock substantial untapped value across its European and African operations," Niel said in the announcement.
Niel has been expanding his telecom empire across Europe, including in Ukraine, where his investment company, NJJ Capital, acquired and merged Lifecell, one of Ukraine's largest mobile operators, and Datagroup-Volia, one of Ukraine's largest fixed telecom and pay-TV providers.
The deal, Ukraine’s largest-ever wartime foreign investment, was estimated to be worth more than $650 million, according to Forbes Ukraine.
Vodafone Ukraine, 100% owned by Azerbaijani firm Neqsol Holding since 2019, is the second-largest telecom company in the country, holding a 32.4% market share as of June 2025. The company recently raised 30 million euros ($34 million) in export credit financing to purchase equipment and services from Finland’s Nokia.
Ukraine’s largest telecom company is Kyivstar, which became the first Ukrainian company to list on Nasdaq last August.
Lifecell ranks third, with a 20.5% market share as of June 2025.
