The Emirates Telecommunications Group Company e& announced it agreed to acquire a controlling stake in the Czech PPF Group telecoms assets in Bulgaria, Hungary, Serbia, and Slovakia.
Emirate e& would pay US$2.4 billion upfront to PPF Group. The two parties also agreed that e& would pay an amount estimated at 350 million euros within three years after the closing in case PPF Telecom hit certain financial results, PPF said in a statement.
“The purchase price of up to EUR 2.5 billion, including contractual earn-out payments, represents one of the largest ever deals for PPF,” PPF CEO Jiri Smejc said.
The agreement comes as PPF, controlled by the wife of billionaire founder Petr Kellner who died last year, aims to divest its once flagship consumer lending business in China and focus on acquisitions in Europe, Reuters reported.
PPF, which has investments in financial services, telecoms, media, mechanical engineering, and biotech and hit a 239 million euro profit last year, also mentioned that its Czech telecom assets were excluded from the deal.
The transaction is expected to be finalized in or before the first quarter of 2024 and is subject to regulatory approvals.
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