The Abu Dhabi company Emirates Telecommunication Group will take over from the Czech corporation PPF a controlling stake in PPF companies in Serbia, Hungary, Bulgaria and Slovakia.
As part of the Czech giant PPF, the telecommunications operator “Yettel” operates in Serbia.
As PPF announced on its website, the takeover agreement in all companies is worth a total of 2.15 billion euros.
The Abu Dhabi company will take 100 percent of the shares in the mentioned companies, except in Hungary, where it will have 75 percent of ownership, as the company Corvinus Nemzetkozi Befektetesi will retain 25 percent of the shares.
The $60 billion Abu Dhabi firm has the “capacity and means” to invest, Chief Executive Officer Hatem Dovidar told Bloomberg earlier this year, adding that the focus will be on Europe, Asia and Africa.
PPF Telekom, part of the business empire of the family of Czech billionaire Petr Kellner, consists of Yettel Bulgaria, Yettel Hungary, Yettel Serbia, O2 Slovakia and infrastructure companies CETIN and O2 Networks in those countries.
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