UAE telecommunications company e&, formerly Etisalat, has received approval from the European Commission to finalise its $2.4bn acquisition of a controlling stake (50% +1) in PPF Group’s telecom assets in Bulgaria, Hungary, Serbia and Slovakia. This deal excludes PPF’s operations in the Czech Republic.
The European Commission’s approval followed concessions made by e& in July to address concerns about potential benefits from foreign subsidies, including removing an unlimited state guarantee and prohibiting financing from UAE-controlled banks. The Commission concluded that these subsidies did not negatively impact competition in the acquisition process.
The implementation of these remedies will be overseen by an independent trustee. In a bourse filing, e& confirmed that all necessary regulatory approvals have been secured, with the deal now awaiting final closing conditions.
e& has become one of Abu Dhabi’s top international investors, reporting a 16.7% rise in half-year profits, with revenues reaching Dhs28.3 billion by June 30, 2024. The company continues to grow through an expanding subscriber base and strategic partnerships.
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