As part of its push into Europe, the largest telecom provider in the UAE, e&, formerly known as Etisalat, is in discussions about a potential deal with the Czech investment firm PPF Group.
e& said it was at the "early stage of discussions of forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe, excluding the Czech Republic, that are mutually beneficial to both groups," in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
PPF Group engages in the financial services, telecommunications, media, and e-commerce sectors in the Czech Republic as well as 25 other nations in Europe, North America, Asia, and Africa. Additionally, PPF is involved in the real estate, biotechnology, and transportation industries. Czech billionaire Petr Kellner, the group's founder and former main owner, died in a helicopter crash in 2021.
Mr. Kellner had a wealth assessed at $15.7 billion at the time of his death, making him the richest person in the Czech Republic. PPF, which is mainly owned by the Kellner family and has assets worth roughly 40 billion euros ($43.7 billion), has continued with business deals despite the tragedy, according to sources.
Following Italy's MFE-MediaforEurope, it acquired a 9.1% interest in ProSiebensat.1 in February. e& stated that it would file a regulatory filing addressing any upcoming developments in its discussions with PPF.
The oldest telecom firm in the United Arab Emirates, e&, was established in 1976 and currently serves 16 nations in the Middle East, Asia, and Africa.The business is growing and has recently been actively acquiring new businesses.