(Alliance News) - Coast Capital LLC has built a stake in Vodafone Group PLC, Bloomberg reported on Monday, the latest activist investor to amass a holding in the telecommunications firm recently.
Bloomberg reported the New York-based investor is "long-term supportive" of Vodafone's management.
"We've built an important position in Vodafone after conducting detailed work with leading operators in the sector," Coast Capital Founding Partner James Rasteh said in an interview.
While backing Vodafone's strategy, Coast Capital took aim at regulation in the telecoms sector.
"We have made it clear to the regulators that their overreach has been destructive and is going to dissuade institutional investors from investing in the sector," Rasteh said.
In January, Bloomberg reported that activist investor Cevian Capital had taken a stake in Vodafone, and the two had discussed how to boost the performance of the telecom operator.
https://www.bloomberg.com/news/articles/2022-02-07/activist-investor-coast-capital-builds-stake-in-u-k-s-vodafone?srnd=deals
Coast Capital is not new to building stakes in London-listed firms. It previously held a stake in FirstGroup PLC and hit out at the transport operator's plan to sell US assets.
The investor also held a stake in software firm Blue Prism Group PLC.
Vodafone shares closed 0.2% higher at 134.52 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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