UAE's E& to sell Vodafone stake to French telecoms tycoon for nearly $6 billion

July 10 (Reuters) - UAE telecoms operator E& Group said on Friday it would sell its entire stake in Vodafone to a company owned by the family group of French telecoms tycoon Xavier Niel for $5.95 billion.

E& will divest its entire holding of 16.21% stake in Vodafone for 112.5 pence per share, it said.

Vodafone's shares last closed at 97.76 pence.

E& said it would no longer exert control or influence Vodafone's board or management team, adding that its board representative had stepped down as a non-executive director of Vodafone.

The transaction will result in net cash return of about $1.3 billion, E& said.

(Reporting by Disha Mishra in Bengaluru; Editing by Subhranshu Sahu)