Emirates Telecommunications Group Company (e&) has received approval from the European Commission (EC) to complete its previously announced acquisition of a controlling stake (50 percent + 1 economic share) in the assets of Czech-based PPF Telecom in Bulgaria, Hungary, Serbia, and Slovakia (PPF Telecom Group), as per an exchange filing on September 24, 2024.
Also Read: e& Announces Majority Stake Acquisition in PPF Telecom for CEE Expansion
EU Approval
The EC has approved e&'s acquisition of sole control of PPF Telecom Group, excluding its Czech business, contingent upon the parties fully complying with specific conditions for at least ten years, according to reports.
This approval concludes the investigation under the Foreign Subsidies Regulation into whether state subsidies to e& may have distorted the EU internal market when it acquired the Yettel-branded business last year.
In an exchange filing, Etisalat and (e&) said, "All regulatory approvals have now been obtained. The closing of the transaction remains subject to customary final closing conditions."
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e& and PPF Group Agreement
On August 1 of last year, e& announced the signing of a binding agreement with PPF Group (PPF) to acquire a controlling stake (50 percent + 1 economic share) in PPF Telecom's assets in Bulgaria, Hungary, Serbia, and Slovakia.
