PPF Group and Emirates Telecommunication Group Company (e&) signed an agreement under which e& will acquire a stake of 50% plus one share in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia. The assets comprise Yettel Bulgaria, Yettel Hungary, Yettel Serbia, and the O2 Slovakia service operations and the CETIN and O2 Networks infrastructure businesses in these countries that are fully carved out and managed independently of the service companies.
e& will pay EUR 2.15 billion upfront at the closing and additional earn-out payments of up to EUR 350 million. The transaction is expected to close in or before the first quarter of 2024 and is subject to regulatory approvals and additional closing conditions.
Working with the White & Case Prague team, Karanović & Partners advised on Serbian aspects of this transaction. Our team was led by Partners Miloš Jakovljević and Bojan Vučković, and Senior Associate Sava Drača.
Partner and Senior Associate refer to Independent Attorney at Law in cooperation with Karanovic & Partners.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.