Emirates Telecom Boosts Europe Presence With €2.2 Billion PPF Stake
- Etisalat expands in Bulgaria, Hungary, Serbia and Slovakia
- Deal comes as Abu Dhabi firm seeks to be global tech company
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Abu Dhabi’s Emirates Telecommunications Group Co. agreed to buy a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia for EU2.15 billion, following through on its plan to boost its global presence.
Emirates Telecom signed a binding agreement for a controlling stake in PPF’s service and infrastructure companies in the countries, according to a statement Tuesday, except for Hungary where Corvinus Nemzetkozi Befektetesi Zrt owns a 25% stake in the businesses.