May 2025 – On 4 April 2025, the European
Commission issued its long-awaited decision regarding the
e&/PPF case, following an in-depth Phase II investigation that
ultimately led to the adoption of commitments. The transaction
concerns the 50%-plus-one-share acquisition by Emirates
Telecommunications Group Company P.J.S.C.
("e&") of PPF Telecom Group
B.V.'s ("PPF Telecom")
telecommunication network and infrastructure businesses in
Slovakia, Hungary, Bulgaria, and Serbia.
The decision addresses key elements such as the concept of
foreign subsidies and the distortion of competition, offering
valuable guidance on how the Commission approaches merger reviews
under the Foreign Subsidies Regulation
("FSR"). The decision not only
demonstrates the importance of a thorough assessment of the
financial contribution for non-EU state-related undertakings and
entities, such as sovereign wealth funds and non-EU governments,
but is also of paramount importance for private equity
