Abu Dhabi-based company to acquire Yettel Serbia from Czech PPF

ABU DHABI - Abu Dhabi-based Emirates Telecommunication Group will acquire a controlling stake in PPF Telecom Group companies in Serbia, Hungary, Bulgaria and Slovakia.

The operations of the Czech-based telecoms giant include Yettel Serbia.

The UAE company will acquire a 100 pct stake in all PPF firms except in Yettel Hungary, in which it will have a 75 pct stake, with Corvinus Nemzetkozi Befektetesi to retain a 25 pct stake.

PPF Telecom Group, a part of the business empire of late Czech billionaire Petr Kellner, is comprised of Yettel Bulgaria, Yettel Hungary, Yettel Serbia, O2 Slovakia and the CETIN and O2 Networks infrastructure enterprises in those countries.

The deal is worth a total 2.15 bln euros, PPF has said on its website.

Yettel Serbia has almost three million subscribers.