e& PPF Telecom Group is an Eastern European telecommunications provider operating across Slovakia, Hungary, Bulgaria and Serbia. It was created through a strategic partnership between e& and PPF, combining e&'s technology expertise with PPF's deep regional knowledge and operational experience. Through its Yettel and O2 brands, The company offers mobile, fixed-line, broadband internet, data, and internet television services to residential and business customers, along with infrastructure services to other telecommunications operators.[2]
 | |
| Company type | Joint venture |
|---|---|
| Private | |
| Industry | Telecommunications |
| Founded | October 2024 |
| Headquarters | , |
Area served | Bulgaria, Hungary, Serbia, Slovakia |
Key people | Balesh Sharma (CEO) |
| Products | Mobile telephony, broadband internet, corporate connectivity, IPTV |
| Revenue | €2.1 billion (2024)[1] |
Number of employees | ~7,000 (2024) |
| Parent | e& (50% + 1 share), PPF Group |
| Website | www |
As of 2024, the Group serves approximately 12.2 million mobile subscribers and 0.4 million fixed broadband customers. It employs around 7,000 people across its four markets. The Group reported a consolidated EBITDA of EUR 1.0 billion.[3]
The Czech investment firm PPF Group and the telecom operator e& (formerly Etisalat Group) based in the United Arab Emirates partnered to form e& PPF Telecom Group. The JV was formally established in October 2024 following e&'s acquisition of a 50%+1 share stake in PPF's Central and Eastern European telecommunications assets.[4]
History
editFoundation
editTo establish a strategic alliance, e& and PPF signed a memorandum of understanding in August 2023. The agreement was completed in October 2024, and e& now owns a majority share in PPF Telecom Group's businesses in Slovakia, Hungary, Serbia, and Bulgaria.[5]
The agreement contained a €2.15 billion upfront payment, earn-out payments of up to €350 million, and a €75 million claw-back clause in the event that performance goals were not fulfilled.[6]
PPF stated in November 2024 that it would investigate additional telecom expansion in Southeast Europe, including United Group-like assets.[7]
Regulatory Approval
editDue to possible state-backed guarantees and financing from the United Arab Emirates, the European Commission opened an investigation in June 2024 under the EU Foreign Subsidies Regulation.[8]
E& suggested remedies in July 2024, including the removal of state guarantees and the use of trustee-monitoring of financing.[9]
After determining that subsidies did not stifle market competition, the European Commission authorized the deal on September 24, 2024.[10]
Growth
editBy December 2024, the Joint venture had approximately 7,000 employees, 12.2 million mobile subscribers, and 0.4 million fixed broadband users with €2.1 billion in revenue annually and EBITDA of roughly €1.0 billion[11]
Products
edite& PPF Telecom Group offers corporate connectivity, Internet TV, fixed broadband, mobile voice and data, and Telecom infrastructure sharing.
Operations
editThe group runs its operations in Bulgaria, Hungary, Serbia, and Slovakia through brands like Yettel (previously Telenor) and O2 in Slovakia. Meanwhile, PPF has kept full ownership of its Czech-based businesses — O2 Czech and CETIN — which are not part of the joint venture.[12]
Structure
editThe joint venture's official auditor is Ernst & Young. PPF Telecom Group B.V., which has its headquarters in the Netherlands, is in charge of governance. CEO Balesh Sharma is still in charge of the business, having previously worked at PPF Telecom in the same capacity.[13]
References
edit- ^ "Key financial data". e& PPF Telecom. Retrieved 31 December 2024.
- ^ "Commission conditionally approves the acquisition of parts of PPF Telecom by e&, under the Foreign Subsidies Regulation". ec.europa.eu.
- ^ "United Group sells Serbia Broadband to e& PPF Telecom Group, disposes other assets". Reuters. Retrieved 12 February 2025.
- ^ "e& completes acquisition of controlling stake in PPF Telecom". e and. Retrieved 24 October 2024.
- ^ "e& closes €2.15bn deal for PPF Telecom to continue European expansion". Data Center Dynamics. Retrieved 28 October 2024.
- ^ "White & Case advised PPF Group on €2.15 billion sale of 50 percent stake in PPF Telecom Group to e& Group". White & Case LLP. Retrieved 25 October 2024.
- ^ "Telecoms among targets in investor PPF's European expansion drive". Reuters. 8 November 2024. Retrieved 8 November 2024.
- ^ "EU to probe UAE-based e&'s acquisition of Czech PPF Group's telecoms assets, FT reports". Reuters. 8 June 2024. Retrieved 8 June 2024.
- ^ "UAE's e& offers concessions after EU alleges subsidies in PPF deal". Reuters. 29 July 2024. Retrieved 29 July 2024.
- ^ "EU clears deal by UAE's e& for PPF in first foreign subsidy probe". Reuters. Retrieved 24 September 2024.
- ^ "Key financial data". e& PPF Telecom. Retrieved 31 December 2024.
- ^ "e& PPF Telecom Group confirm Czech assets divestment". Tower Xchange. Retrieved 25 March 2025.
- ^ "e& PPF Telecom Group is committed to high standards of corporate governance". e& PPF Telecom.