e& Group yesterday denied any potential acquisition of United Group's assets.

In a disclosure to the Abu Dhabi Securities Exchange (ADX) in response to circulating news about a potential acquisition, the group said it has not held any form of negotiations or agreements in this regard.

e& Group affirmed its continued evaluation of investment opportunities that would maximize shareholder returns in line with its strategy.

e& Group’s telecom vertical, e& UAE (formally known as etisalat by e&), was this week named the strongest brand by Brand Finance in the Middle East, boasting a Brand Strength Index score of 89.4/100 and an AAA rating. This also makes it the world’s strongest telecoms brand.

“Thriving under the larger technology group, the telecom operator has expanded into new markets through its Partner Market program and strategic acquisitions. Substantial investments have also been made in communication campaigns to promote brand awareness and the brand’s transformation from a traditional telco into a global tech company. e&, as a standalone brand, is now the Middle East’s fastest-growing tech brand, up 52 per cent,” said Brand Finance.

The company reported consolidated revenue of Dh14.2 billion, growing 9 per cent year-over-year, while consolidated net profit increased to Dh2.3 billion, a year-over-year growth of 7 per cent.

Companies in UAE enjoy strong liquidity on the back of strong growth in the economy in the post-pandemic period, pushing them to explore new avenues and look for inorganic growth.

In 2023, the UAE reported two out of the three highest M&A acquisitions in the Middle East and North Africa, according to data released by EY.