UAE's e& gets full approval to buy controlling stake in Europe's PPF Telecom assets
UAE tech-telecom group thus completes ambitious deal with PPF Telecom
Dubai: The UAE tech-telco group e& has cleared the major regulatory requirement for its stake purchase in the European operator PPF Telecom. The European Commission has given the green signal for e& to complete taking a controlling stake (50% plus 1 economic Share) in PPF Telecom’s assets in Bulgaria, Hungary, Serbia, and Slovakia.
"This milestone marks the conclusion of e&’s extensive and fruitful dialogue with the Commission’s Foreign Subsidies Directorate that have enabled the EC to grant Foreign Subsidies Regulation approval of our transaction on an accelerated basis, almost three months ahead of the applicable legal deadline," said e& in a statement.
The commitments include that e&'s Articles of Association do not deviate from ordinary UAE bankruptcy law. And that there can be no financing by e& to PPF Telecom's business in the EU subject to certain exceptions. Plus, the requirement that e& inform the European Commission of future acquisitions that are not notifiable concentrations under the FSR.
"These have been carefully considered by e& and provide a proportionate and workable basis for our investment in PPF Telecom Group," said the UAE company.
All regulatory approvals have now been obtained.