O2 Slovakia, a mobile and internet operator, may have a new shareholder if the Slovak Antimonopoly Office approves the announced acquisition.
The Czech financial group PPF is selling a majority stake to the Emirates Telecommunication Group Company, which operates under the e& brand. In addition to Slovakia, the financial group is getting rid of its telecommunications assets in Bulgaria, Serbia and Hungary.
The companies signed a deal on August 1. The whole transaction is said to be completed early next year.
Second largest operator
Once the transaction is settled, e& will pay €2.15 billion for its 50-percent plus one share, and additional earn-out payments of up to €350 million within three years if PPF Telecom’s assets exceed certain financial targets. This is subject to a claw back of up to €75 million if such financial targets are not achieved, the press release reads.
The PPF financial group bought the Slovak O2 ten years ago from the Spanish company Telefónica. The O2 is the second largest mobile operator in Slovakia.
The O2 operator can also be found in the Czech Republic, but this operator is not part of the signed agreement.
Source : Spectator