The UAE’s leading telecommunications company, e&, has addressed the European Commission’s investigation into its acquisition of PPF’s telecom assets spanning Bulgaria, Hungary, Serbia, and Slovakia. e& asserts that this investigation, conducted under the Foreign Subsidies Regulation (FSR), is a standard procedural step and does not determine the eventual outcome. The acquisition agreement, which excludes PPF’s Czech Republic operations, was announced last year and involves securing a 50% +1 stake in PPF’s service and infrastructure entities. Despite this regulatory scrutiny, e& remains optimistic about concluding the transaction by the year’s end. The company’s statement, released via the Abu Dhabi Securities Exchange (ADX), confirms its commitment to resolving the European Commission’s concerns cooperatively. This development follows earlier reports that PPF, headquartered in the Netherlands and the Czech Republic, suffered significant financial setbacks due to its exit from Russia post the 2022 Ukraine invasion, although it still managed a profit of EUR 140 million in 2022, albeit a 49% decline year-on-year.
Telecommunications, Regulatory Compliance,United Arab Emirates, European Union, Eastern Europe
https://www.zawya.com/en/markets/equities/uae-telco-e-and-says-eu-commissions-probe-into-ppf-acquisition-a-procedural-step-pslotzmk