Qatar Foundation agreed to buy Vodafone Europe BV's 51% stake in the joint venture company Vodafone and Qatar Foundation LLC.

The JV controls Vodafone Qatar P.Q.S.C.

Vodafone Group Plc said Feb. 26 that Qatar Foundation will acquire Vodafone's stake for 1.35 billion Qatari riyal (€301 million), with 1.25 billion riyal (€279 million) payable at completion and 100 million riyal (€22 million) payable 12 months after completion, which is expected to happen in the next three months.

This represents a 3% discount to the 30-day trading volume weighted average price as of Feb. 25. The transaction values Vodafone Qatar at an enterprise value of 6.50 billion riyal (€1.45 billion).

As of Feb. 23, US$1 was equivalent to 3.64 Qatari riyal.