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.
The deal comes after the $60 billion Abu Dhabi-based behemoth said it has the “capacity and the wallet” to invest, Chief Executive Officer Hatem Dowidar told Bloomberg TV earlier this year, adding that his focus was on opportunities in Europe, Asia and Africa.
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