Schoenherr advised Emirates Telecommunications Group Company (“e&”) alongside Sullivan & Cromwell London on the acquisition of a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia.This transaction is consistent with e&’s strategic ambition to accelerate international growth and diversify into new geographies. The transaction agreement was signed on 1 August 2023. As announced by e&, the upfront consideration for the acquisition is EUR 2.15bln in exchange for a 50 % +1 share economic stake. The transaction also includes earn-out and clawback payments depending on the achievement of certain financial targets.
Completion remains subject to regulatory approvals and certain closing conditions.
The Schoenherr team advising on the transaction was led by Alexandra Doytchinova (partner) and Luka Lopičić (partner). The core team consisted of Christoph Haid (partner), Kinga Hetényi (partner), Soňa Hekelová (partner), Katerina Kaloyanova-Toshkova (attorney at law), Michal Lučivjanský (counsel), Adrián Menczelesz (attorney at law) and Pavle Eric (attorney at law).
3rd August 2023