Emirates Telecommunications Group Company, or e&, announced that it has signed a binding agreement with PPF Group to acquire a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia. PPF Telecom serves more than 10 million customers and enjoys leading positions in its markets.
This transaction is consistent with e&’s strategic ambition to accelerate international growth and diversify into new geographies. The upfront consideration for the acquisition is €2.15 billion in exchange for a 50%+1 share economic stake. The transaction also includes earn-out and claw back payments depending on achievement of certain financial targets. In addition, PPF would have a put option exercisable five years after closing and e& would have a reciprocal call option.
Completion of the transaction remains subject to regulatory approvals and certain closing conditions.
The S&C team advising e& includes John Horsfield-Bradbury, Umberto Hassan, Zainab Cheema and Laura Hadar. Andrew Thomson and George Croft are advising on tax matters. Craig Jones and Anna Delaud are advising on financing matters. Juan Rodriguez and Marielena Doeding are advising on antitrust, FDI and foreign subsidies regulation.
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