e& PPF Telecom, a subsidiary of Emirates Telecommunications Group Company (e&), announced the completion of its deal to acquire Serbia Broadband (SBB).
The Emirates Telecommunications Group arm acquired a 100 per cent equity stake in the Serbian cable television and broadband internet service provider for $891 million (EUR 825 million).
The company said the acquisition was financed through debt secured by the unit.
e& PPF Telecom completes acquisition
e& PPF Telecom Group, a joint venture of e& and Czech-based PPF, signed a binding agreement with Balkan telecoms and media company United Group in February to take over SBB.
The deal is expected to help e& to scale up its operations in Central Eastern Europe, and also to diversify its revenue sources.
With the completion of the deal, e& said its unit will be able to combine SBB with its Serbian mobile subsidiary Yettel.
The Serbian acquisition follows Emirates Telecommunications Group Company (e&) acquiring a controlling stake (50 per cent +1 economic share) in PPF Telecom’s assets in Bulgaria, Hungary, Serbia and Slovakia to form the holding company, e& PPF Telecom.
The investments are a major milestone in e&’s international strategy to scale and add further resilience to its operational profile through expanding into Central and Eastern Europe’s telecom market.
The acquisitions also foster e&’s ability to deliver innovative telecom and digital services across these high-potential markets.
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