After Hungarian and German, from today there is also an Arab interest in Hungarian telecommunications: the sale and purchase agreement concluded last year between the PPF Group and the Emirates Telecommunications Group (which is present on the local markets under the brand name e&), thus the Arab party acquired the majority ownership of the regional PPF in its telecommunications interests in Bulgaria, Slovakia, Serbia and Hungary.
The parties announced their original agreement on the transfer of ownership in August last year. Regarding the financial background of the deal, it was made public at the time that e& will pay a total of 2.15 billion euros for the 50% ownership share represented in the relevant interests of the PPF Telecom Group plus 1 share, in addition to a bonus of up to 350 million euros in total over the three years following the conclusion of the deal payment may be due if certain business objectives are met.
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Although the Czech and Arab companies originally expected the official authorization process to be completed by the end of last year or the beginning of this year, the European Commission launched an investigation in the summer to determine whether the appearance of Arab capital and a business model in the telecommunications market of the Eastern European region is compatible in all respects. with EU law, especially regarding the prohibition of state subsidies.
This procedure finally ended with the Commission’s conditional approval at the end of September, in which the Abu Dhabi-based company had to assure the executive body of the European Union that it would not use any illegal state aid from the mother country during its presence in the region.
According to the statement issued by the two companies, the acquisition of ownership does not affect the management structure – for the time being – so Balesh Sharma will remain at the head of the PPF Telecom Group, who has held the leading position since July 2022, with more than two decades of senior management experience behind him, which obtained at the Vodafone Group.
The joint venture of the two companies continues to operate under the name e& PPF Telecom.
Source: www.hwsw.hu
