The gigantic telecommunications group called e&, or pronounced e-and (maiden name Etisalat), according to the information signed by group financial manager Karim Bennis, has concluded a deal for the controlling stake in the Central and Eastern European business branches of the Czech PPF Telecom Group, reports Telex.
The Czech operation is not part of the deal, but in four other countries, Bulgaria, Serbia, Slovakia and Hungary, the Arab group will be the main owner of the local stake. At home, the mobile market dominated by the three dominant companies, the T-group, Vodafone and Yettel, is about the latter, that is, Yettel.
The HWSW has already written about the upcoming business here, but now the agreement has been reached.
The announcement reveals that through the EUR 2.15 billion (HUF 800 billion) deal, PPF is handing over a majority stake of 50 percent plus one share to e&.
According to one of the newspaper’s sources, the reason for this is that the e& exchange company can dazzle its investors if it can demonstrate, that is, consolidate, its profits, while in the case of PPF, it is more than enough if the company’s management can explain it to, for example, the financing banks , what a minority package is worth.
The transaction is expected to close in the first quarter of 2024, but may even be earlier, all depending on the approvals of the authorities. “With this move, the Arab group continues its strategy of increasing its global presence,” said the company’s CEO, Hatem Dowidar.
Hungarian Yettel currently has a 25 percent state stake, the fate of which could be affected by the Czech-Arab transaction.
We contacted Yettel regarding the matter, as soon as they respond, we will update our article.