e& PPF Telecom Group is an Eastern European telecommunications provider operating across Slovakia, Hungary, Bulgaria and Serbia. It was created through a strategic partnership between e& and PPF, combining e&'s technology expertise with PPF's deep regional knowledge and operational experience. Through its Yettel and O2 brands, The company offers mobile, fixed-line, broadband internet, data, and internet television services to residential and business customers, along with infrastructure services to other telecommunications operators.[2]
As of 2024, the Group serves approximately 12.2 million mobile subscribers and 0.4 million fixed broadband customers. It employs around 7,000 people across its four markets. The Group reported a consolidated EBITDA of EUR 1.0 billion.[3]
The Czech investment firm PPF Group and the telecom operator e& (formerly Etisalat Group) based in the United Arab Emirates partnered to form e& PPF Telecom Group. The JV was formally established in October 2024 following e&'s acquisition of a 50%+1 share stake in PPF's Central and Eastern European telecommunications assets.[4]
History
Foundation
To establish a strategic alliance, e& and PPF signed a memorandum of understanding in August 2023. The agreement was completed in October 2024, and e& now owns a majority share in PPF Telecom Group's businesses in Slovakia, Hungary, Serbia, and Bulgaria.[5]
The agreement contained a €2.15 billion upfront payment, earn-out payments of up to €350 million, and a €75 million claw-back clause in the event that performance goals were not fulfilled.[6]
PPF stated in November 2024 that it would investigate additional telecom expansion in Southeast Europe, including United Group-like assets.[7]
E& suggested remedies in July 2024, including the removal of state guarantees and the use of trustee-monitoring of financing.[9]
After determining that subsidies did not stifle market competition, the European Commission authorized the deal on September 24, 2024.[10]
Growth
By December 2024, the Joint venture had approximately 7,000 employees, 12.2 million mobile subscribers, and 0.4 million fixed broadband users with €2.1 billion in revenue annually and EBITDA of roughly €1.0 billion[11]
The group runs its operations in Bulgaria, Hungary, Serbia, and Slovakia through brands like Yettel (previously Telenor) and O2 in Slovakia. Meanwhile, PPF has kept full ownership of its Czech-based businesses — O2 Czech and CETIN — which are not part of the joint venture.[12]
Structure
The joint venture's official auditor is Ernst & Young. PPF Telecom Group B.V., which has its headquarters in the Netherlands, is in charge of governance. CEO Balesh Sharma is still in charge of the business, having previously worked at PPF Telecom in the same capacity.[13]
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