UAE Edition 
Egypt Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
e& PPF to acquire Serbia Broadband: e& PPF Telecom — a JV between e& and Prague-based PPF Group — signed a binding agreement to fully acquire Serbia-based cable television and broadband internet service provider Serbia Broadband (SBB) from Southeast European telecoms player United Group, it said in a press release (pdf). The debt-free, cash-free transaction is valued at EUR 825 mn, and will be financed through debt. The transaction is pending regulatory approvals, and is set to be completed in 1H 2025, according to a United Group statement.
e& isn’t new to Europe: Emirates Telecommunications Group (e&) acquired a controlling stake (50% + 1 share) in PPF Telecom Group in October to consolidate its assets and operations in Central and Eastern Europe under a new holding company. The latest move comes as part of an expansion strategy aiming to diversify its revenues and up exposure to stable-currency markets. e&PFF owns several brands including Yettel Bulgaria, Yettel Hungary, Yettel Serbia, and O2 Slovakia, in addition to Cetin’s infrastructure operations, which currently serve over 10 mn customers with combined revenues of EUR 2 bn in 2023.
The pitch: The takeover will also trigger a merger between SBB and e&PFF’s Serbian mobile subsidiary Yettel, thereby consolidating the state-backed telco’s Serbian assets under a single entity. The merged company will enable the delivery of mobile, fixed broadband, and pay-tv services, boosting its offerings in the high-growth market.
This is a bolt-on transaction: This potential acquisition is expected to ramp up the existing operations of e&PPF, product offering, and market position since it is a strategic fit that complements the buyer’s business. The transaction is expected to be easy to execute since both companies operate in the same industry, and likely share similar tech, systems, and processes, eliminating the need for a major restructuring.
About SBB: The internet provider serves 700k active customers. The company generated EUR 244.1 mn in revenue in 2023 — an incremental 12% to e& PPF Telecom’s revenue.
