E& PPF Telecom Group

e& PPF Telecom Group

Company type	Joint venture
Traded as	Private
Industry	Telecommunications
Founded	October 2024
Area served	Bulgaria, Hungary, Serbia, Slovakia
Key people	Balesh Sharma (CEO)
Products	Mobile telephony, broadband internet, corporate connectivity, IPTV
Revenue	€2.1 billion (2024)[1]
Number of employees	~7,000 (2024)
Parent	e& (50% + 1 share), PPF Group
Website	www.eandppftelecom.eu

e& PPF Telecom Group is a telecommunications provider operating across Slovakia, Hungary, Bulgaria and Serbia. It was created through a strategic partnership between e& and PPF, combining e&'s global tech expertise with PPF's deep regional knowledge and operational innovation. 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]

e& PPF Telecom Group The Czech investment firm PPF Group and the telecom operator e& (formerly Etisalat Group) based in the United Arab Emirates have 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]

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]

Due to possible state-backed guarantees and financing from the United Arab Emirates, the European Commission opened an investigation in June 2024 under the Foreign Subsidies Regulation.^[8]

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]

e& PPF Telecom Group offers corporate connectivity, internet TV, fixed broadband, mobile voice and data, and telecom infrastructure.

By December 2024, the joint venture provided approximately:

Approximately 7,000 employees, 12.2 million mobile subscribers, and 0.4 million fixed broadband users €2.1 billion in revenue annually EBITDA of roughly €1.0 billion^[11]

The group runs its operations in Bulgaria, Hungary, Serbia, and Slovakia through well-known 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]

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]

According to e&’s Q3 2024 financial report, post-acquisition revenues reached AED 14.4 billion (10% YoY), and EBITDA was AED 6.5 billion. The investment also increased its operational footprint to 38 countries.^[14]