e& Group has agreed to to sell its entire stake in Vodafone (VOD) to Vega, an acquisition vehicle wholly owned by the Niel family group, for $5.95 billion, the company said Friday.

Under the deal, e& Group has agreed to its entire holding of 3.94 billion ordinary shares of Vodafone, representing around 16.2% of the company's share capital, for a total consideration of 1.13 UK pounds ($1.52), comprised of 1.11 pounds in cash and a dividend of 0.02 pounds to be received on July 30, the company said.

e& Group's board member has stepped down from his position as a non-executive director of Vodafone, the company said.