The subsidiary of Czech international investment giant PPF Group, Netherlands-based PPF Group NV, agreed to divest a 50% plus one share stake in CEE and SEE assets to Etisalat by e&, for EUR 2.5 bln, according to the company and media reports.
Etisalat b e& will pay EUR 2.15 bln, with an additional earnout of up to EUR 350 mln if pre-set targets are achieved, according to SEE News.
The news site noted that “PPF Group owns mobile operator Yettel in Bulgaria, Serbia and Hungary and O2 in Slovakia as well as the local units of telecoms infrastructure provider Cetin, which will be transferred to PPF Telecom Group.”
Certain assets in the Czech Republic, such as O2 and Cetin, are not part of the sale.
Etisalat b e& is Abu Dhabi-based in the United Emirates.
The deal, which is set to be completed by the end of Q4 2024 was called “one of the largest ever deals for PPF,” by CEO Jiri Smejc, as cited by SEE News.
Photo by JiriMatejicek, CC BY-SA 3.0 <https://creativecommons.org/licenses/by-sa/3.0>, via Wikimedia Commons.