European Commission Investigates e&’s Acquisition of PPF Telecom Assets

The European Commission announced on 10 June 2024 that it has initiated an investigation into e&’s acquisition of PPF Telecom assets under the Foreign Subsidies Regulation (FSR).

On 1 August 2023, e& signed a binding agreement with PPF Group to acquire a majority economic stake (50%+1 share) in the service and infrastructure companies of PPF Telecom’s assets in Bulgaria, Hungary, Serbia, and Slovakia. This acquisition is pending regulatory approvals.

The Commission’s decision to launch an in-depth investigation is a standard procedural step and does not determine the final outcome. e& started that they are committed to finalizing the transaction by the end of the year and is engaged in ongoing, constructive discussions with the Commission to meet the Foreign Subsidies Regulation requirements.