Emirates Telecommunication Group Buys Majority Stake in PPF Telecom Assets

Emirates Telecommunication Group is buying a majority stake in PPF Group’s assets in Bulgaria, Hungary, Serbia and Slovakia. The United Arab Emirates-based company, also known as e&, agreed to pay the Czech conglomerate $2.35 billion upfront, plus additional earn-out payments of up to $383 million “within three years after the closing if PPF Telecom exceeds certain financial targets,” said a Tuesday news release. PPF Telecom CEO Balesh Sharma will retain that position. PPF's telco assets in the Czech Republic are excluded from the deal. “By combining PPF Telecom's expertise with our own innovative capabilities, we are poised to establish a major telecommunications presence in Central and Eastern Europe,” said Hatem Dowidar, e& group CEO.