About Vega
Vega is a specialist investment vehicle established to hold shares in Vodafone, one of the largest telecoms operators in Europe and Africa.
Vega is wholly owned by the Niel family group, the #1 private investor in the telecoms sector in Europe.
Xavier Niel is a recognised entrepreneur with a proven track record of investing in, developing and supporting telecoms assets at scale.
Investment in Vodafone
Vega has entered into a binding agreement with Emirates Telecommunications Group in relation to the acquisition of approximately 16.2%(1) of the issued share capital of Vodafone, one of the largest telecoms operators in Europe and Africa.
The completion of Vega’s investment is conditional upon receiving customary regulatory approvals and is expected to take place by year end(2). Vega will work constructively with the relevant authorities throughout the process.
Separately, Vega has entered into an additional financial instrument relating to an additional 2.74% of Vodafone’s voting rights.
Upon receipt of customary regulatory approvals and physical settlement of the financial instruments, Vega will be entitled to receive shares representing, in the aggregate, approximately 18.8%(3) of Vodafone’s share capital.
Vega intends to be a committed, long-term shareholder and supportive partner to Vodafone, and this investment underscores Vega’s confidence in Vodafone’s long-term growth and untapped value creation potential.
As an anchor investor based in Europe, Vega is ready to contribute its deep sector expertise and operational know-how to Vodafone’s future success.
Press releases: Vega Investment in Vodafone (10 July 2026) and Update on Investment in Vodafone (16 July 2026)
Xavier Niel’s telecoms businesses and investments
Xavier Niel is a recognised entrepreneur and the #1 private investor in the telecoms sector in Europe.
His telecom investments and businesses span 26 countries in Europe and Latin America. Collectively, these have 139 million subscribers, 45,000 employees, €24 billion of annual revenues and generate more than €9 billion of EBITDAaL.
Assets include iliad, Salt, Monaco Telecom, Eir, Tele2 and Millicom, representing significant scale, revenues, network investment and operational expertise.
Through these businesses, Vega will benefit from deep sector experience across fixed, mobile and converged operators, as well as Xavier Niel's track record of investing in, developing and supporting telecoms assets at scale.
Xavier Niel is also a significant investor in Europe’s technology and AI industries, and has a wider track record of supporting education and entrepreneurship platforms. Pioneering initiatives include School 42, Station F, Hectar and Kima Ventures.
Case studies
Xavier Niel has a successful track record of investing in and supporting telecoms businesses, including as minority stakes in listed companies.
Tele2
In 2024, Xavier Niel acquired a c.20% shareholding in Tele2, a leading telecoms operator listed on the Stockholm Stock Exchange. The business has almost 9 million fixed and mobile subscribers across Sweden, Lithuania, Latvia and Estonia.
Since this investment, Tele2 has transformed its operations through brand and distribution initiatives and the simplification of its commercial strategy. It also optimised its infrastructure through a tower transaction in the Baltics and reduced leverage.
+31%
Increase in operating free cash flow between 2023 and 2025
131%
Total shareholder return (including dividends) from 26 Feb 2024 to June 2026
Millicom
In 2022, Xavier Niel started to acquire shares in Millicom, a Nasdaq-listed provider of mobile, cable, and digital services across Latin America. The business has over 50 million customers in 12 countries across the region. Founder currently owns 46% of the company and expects its stake to increase to 49.5%.
Since 2022, Millicom has simplified its commercial strategy, streamlined its central costs and decreased its leverage. It has also completed a tower deal in Central America and M&A transactions in Colombia, Ecuador, Chile and Uruguay.
+62%
Increase in operating free cash flow between 2022 and 2025
809%
Total shareholder return (including dividends) from Nov 2022 to June 2026
iliad
Xavier Niel founded telecoms group iliad in France in 1999 and launched Free, an internet service provider a few years later. In 2018, the business launched iliad Italia and acquired Play, one of Poland’s largest mobile operators, in 2020. The group is now the fifth largest mobile and broadband operator in Europe. It has over 50 million subscribers and generated revenues of more than €10 billion in 2025.
The business has been the growth leader in Europe for the past four years and has a strong focus on both innovation and customer satisfaction. It also enjoys a best-in class EBITDA margin and strong cash flow generation.
+19%
Organic revenue growth between 2022 and 2025
+90%
Increase in operating free cash flow between 2022 and 2025
Epic Malta
In 2020, Xavier Niel acquired Vodafone Malta. Now rebranded as Epic Malta, the business is Malta's leading mobile operator, offering mobile, fixed broadband, TV and business services across the Maltese Islands.
Since 2020, Epic Malta has undergone a full operational and commercial transformation, including the simplification of its tariff structure, the introduction of unlimited plans, accelerated network investment across 5G and fibre, and a sale-leaseback of its tower infrastructure to Phoenix Tower International.
+20%
Increase in EBITDAaL between 2022 and 2025
eir
In 2017, NJJ – Xavier Niel's holding company – and iliad acquired a majority stake in eir, Ireland’s leading fixed-line operator and a significant mobile player. It has over 2 million subscribers across fixed, broadband, mobile and TV services.
Since 2017, eir has undergone a fundamental operational transformation. Its product portfolio has been simplified, customer-facing services have been insourced, and business processes have been streamlined, while a large-scale network investment programme targeted full national fibre-to-the-home coverage. The business has also completed a sale of its mobile tower infrastructure and pursued targeted bolt-on acquisitions, including Evros in the IT services segment.
+30%
Increase in operating free cash flow in the 24 months following closing
+c.5pts
Gain in mobile market share since acquisition
Play
In September 2020, iliad Group acquired Play, then Poland's 3rd mobile-only B2C operator. In April 2022, this was followed by the acquisition of UPC Polska, the country's leading cable operator. Iliad merged Play and UPC into a single, fully convergent operator that has become the leader in mobile B2C. The combined Play business now serves over 15 million subscribers across mobile, broadband and TV.
Iliad has rejuvenated Play’s economic model and unlocked its full potential through brand repositioning, network investments and efficiencies. Iliad monetised Play’s tower portfolio, selling the passive mobile infrastructure and financing a further 5,000-site network build. On fiber, iliad spun off UPC's fixed network into PŚO, an open-access wholesale 50/50 JV with InfraVia Capital Partners, targeting 6 million homes passed, an ambition illustrated in 2025 with the acquisition of some Vectra's fiber assets. In parallel, Play diversified into adjacent technology through the acquisition of Redge Technologies, a leading Central European OTT and edge-computing platform.
Between 2020 and 2025, Play (pro forma with UPC) has been the fastest-growing of the main telecoms operators in Poland, with the highest EBITDAaL and OFCF margins.
+36%
Increase in EBITDAaL (local currency and pro forma UPC) between 2020 and 2025
+69%
Increase in operating free cash flow (local currency and pro forma UPC) between 2020 and 2025