Why Vodafone Stock Rocketed Almost 13% Higher Today
A stake worth around $6 billion was sold on Thursday.
Overview
A large stake of international telecom service provider Vodafone (NASDAQ: VOD) changed hands late on Thursday, and investors reacted accordingly the next trading day. Friday saw the company's American Depositary Receipts (ADRs) rise by nearly 13% as a result.
The buyer of the Vodafone stake was Xavier Niel, a French entrepreneur and billionaire who founded (and still owns most of) that country's telecom and tech company Iliad. Niel purchased the stake through a family investment vehicle called Vega. The seller was Emirates Telecommunications Group.
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Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.