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UAE's e& agrees to acquire Czech PPF Group telecom assets

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Czech PPF Group said on Tuesday that Emirates Telecommunications Group Company e& would pay 2.2 billion euros up front to acquire a controlling stake in its telecoms assets in Bulgaria, Hungary, Serbia and Slovakia.

CAIRO, Aug 1 - Czech PPF Group said on Tuesday that Emirates Telecommunications Group Company e&

The companies agreed that e& would also pay additional earn-out payments of up to 350 million euros within three years after the closing if PPF Telecom exceeds certain financial targets, PPF said in a statement. The agreement comes as PPF, controlled by the wife of billionaire founder Petr Kellner who died last year, aims to divest its once flagship consumer lending business in China and focus on acquisitions in Europe.

 

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