e& Expands into Europe with €2.3 Billion PPF Telecom Acquisition
Deal News | Feb 13, 2025 | EIN
The UAE-based telecom company, e& (formerly known as Etisalat), is enhancing its presence in Central and Eastern Europe through the acquisition of PPF Telecom's infrastructure division, CETIN. This €2.3 billion deal will extend e&'s operational scope to Bulgaria, Hungary, Serbia, and Slovakia, reinforcing its capabilities in a competitive European market. The acquisition structure includes milestone-based incentives and potential clawbacks for PPF. This agreement aligns with e&'s strategy to become a global technology leader, opening opportunities to introduce its digital products in Europe. The transaction is part of a larger global expansion strategy, backed by significant investments planned between 2024 and 2026.
Sectors
- Telecommunications
- Technology
Geography
- United Arab Emirates – e& (formerly Etisalat), the acquirer in the article, is based in the United Arab Emirates.
- Central and Eastern Europe – The acquisition targets telecommunications infrastructure in Bulgaria, Hungary, Serbia, and Slovakia, which are in Central and Eastern Europe.
Industry
- Telecommunications – The article discusses the strategic acquisition of telecommunications infrastructure across Central and Eastern Europe by e&, which directly belongs to the telecommunications industry.
- Technology – e& is positioning itself as a global technology leader through extensive investments and technological advancements, as part of its acquisition strategy.
Financials
- €2.3 Billion – The total value for e&'s acquisition of CETIN from PPF Telecom.
- up to €350 Million – Potential milestone-based incentives PPF might earn if performance targets are met.
- up to €75 Million – Potential clawbacks PPF might face if performance targets are not met.
- €2 Billion – Reported revenue generated by Yettel, O2, and CETIN collectively in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| e& (Etisalat) | Acquirer | Company | A telecommunications company based in the United Arab Emirates aiming to expand its global footprint. |
| PPF Telecom | Vendor | Company | The company is selling its infrastructure assets, specifically CETIN, to e& as part of the acquisition. |
| CETIN | Asset | Company | The infrastructure division of PPF Telecom that e& is acquiring in the transaction. |
| Balesh Sharma | CEO | Person | CEO of PPF Telecom who will continue to run his current teams post-acquisition. |
| Jassem, H.E. Obaid Mohamed e& chairman Bu Ataba Alzaabi | Chairman | Person | Chairman of e&, offering strategic insights into the company's expansion into Europe. |