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

July 10 (Reuters) - UAE telecoms group E& said on Friday it would sell its stake in Vodafone for $5.95 billion to the family group of French billionaire Xavier Niel, ending its investment in the British firm after a review of its international portfolio.

The deal prices Vodafone shares at 112.5 pence each, a 15% premium to the last close of 97.76 pence, and will result in a net cash return of about $1.3 billion, E& said.

The Abu Dhabi-based company said its decision to exit Vodafone reflected the "natural evolution" of its priorities to "sharpen its strategic focus on core businesses" while unlocking cash from the exit.

Niel is the founder and owner of French telecoms firm Iliad. Iliad Group did not immediately respond to a Reuters request for comment.

E& said the shares would be sold simultaneously through off-market block trades to three financial institutions, which would hold them until the Niel family group's acquisition vehicle completed regulatory requirements.

It also said it would no longer seek to influence Vodafone's board or management, and that its board representative had stepped down as a non-executive director.

There was no immediate statement from Vodafone on the stake sale.

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