E& PPF Telecom Group

e& PPF Telecom Group
TypePrivate
IndustryTelecommunications
Founded16 October 2013; 13 years ago (2013-10-16)
Headquarters
Amsterdam
,
Netherlands
Area served
Key peopleBalesh Sharma [cs] (CEO)
Products
Revenue€2.413 billion (2025)
€382 million (2025)
Owner
Number of employees
9,100 (2025)
Websitewww.eandppftelecom.eu

e& PPF Telecom Group B.V. is a telecommunications holding company headquartered in Amsterdam, Netherlands, with operations in Bulgaria, Hungary, Serbia and Slovakia. It is controlled by Emirati telecommunications group e&, which owns 50% plus one share, while PPF Group owns the rest. The group provides telecommunications services through Yettel in Bulgaria, Hungary and Serbia and through O2 in Slovakia, while its telecommunications infrastructure businesses operate under the CETIN brand.

The company was incorporated in 2013 was named PPF Telecom Group B.V. since 2020. It assumed its current ownership structure and name in October 2024, when e& acquired a controlling stake in PPF's telecommunications businesses in Bulgaria, Hungary, Serbia and Slovakia. PPF's Czech telecommunications businesses, including O2 Czech Republic and CETIN Czechia, were excluded from the transaction and remained with PPF.

History

PPF Telecom Group

PPF Telecom Group was formed after PPF Group acquired Telenor's telecommunications businesses in Bulgaria, Hungary, Montenegro and Serbia in 2018. The acquisition expanded PPF's existing telecommunications operations in the Czech Republic and Slovakia into a regional group. In 2021, the group sold its Montenegrin business to Hungarian telecommunications company 4iG.

Acquisition by e&

In August 2023, PPF agreed to sell 50% plus one share of the group's businesses in Bulgaria, Hungary, Serbia and Slovakia to Emirati telecommunications group e& for an initial consideration of €2.15 billion. PPF's Czech telecommunications businesses, including O2 Czech Republic and CETIN Czechia, were excluded from the transaction.

The European Commission opened an in-depth investigation into the acquisition in June 2024 under the EU Foreign Subsidies Regulation. It found that subsidies received by e& had not distorted the acquisition process, but could distort competition after the transaction. The Commission approved the acquisition in September 2024 subject to commitments concerning state guarantees and financing.

The transaction was completed on 24 October 2024. e& became the controlling shareholder with 50% plus one share, while PPF retained 50% minus one share. The group was renamed e& PPF Telecom Group.

Expansion

The group subsequently expanded its fixed-broadband operations. In April 2025, it acquired Serbian broadband and television provider SBB from United Group for €825 million. SBB was merged into Yettel Serbia in April 2026.

Later that month, O2 Slovakia acquired UPC Broadband Slovakia, further expanding the group's fixed-broadband and television business in Slovakia.

Operations

e& PPF Telecom Group operates in Bulgaria, Hungary, Serbia and Slovakia. They provide mobile and fixed broadband services, television and business connectivity.

The group's network infrastructure businesses operate under the CETIN brand and provide wholesale telecommunications services.

Country Retail operator Network infrastructure
Bulgaria Yettel Bulgaria CETIN Bulgaria
Hungary Yettel Hungary CETIN Hungary
Serbia Yettel Serbia CETIN Serbia
Slovakia O2 Slovakia CETIN Networks

References

  1. ↑ "Key financial data". e& PPF Telecom Group. Retrieved 30 August 2026.
  2. ↑ Annual accounts 2025 (PDF) (Report). e& PPF Telecom Group B.V. 17 February 2026. Retrieved 30 August 2026.
  3. 1 2 Annual accounts 2025 (PDF) (Report). e& PPF Telecom Group B.V. 17 February 2026. p. 2. Retrieved 30 August 2026.
  4. ↑ "Commission Decision of 24 September 2024 – e&/PPF Telecom Group". EUR-Lex. European Commission. 24 September 2024. Retrieved 30 August 2026.
  5. ↑ Integrated Annual Report 2025 (PDF) (Report). e&. 2026. Retrieved 30 August 2026.
  6. ↑ Connecting with a Sustainable Future: Sustainability Report 2021 (PDF) (Report). PPF Telecom Group B.V. 2022. Retrieved 30 August 2026.
  7. ↑ "e& becomes PPF Telecom Group's controlling shareholder, name changes to e& PPF Telecom Group" (PDF). e& PPF Telecom Group B.V. 24 October 2024. Retrieved 30 August 2026.
  8. ↑ "PPF closes a major transaction and forms a partnership with e&, a global technology group". PPF Group. 24 October 2024. Retrieved 30 August 2026.
  9. 1 2 "Facts and strategies – History". PPF Group. Retrieved 30 August 2026.
  10. ↑ "PPF Telecom Group Sells Telenor Montenegro to 4iG". PPF Group. 27 October 2021. Retrieved 30 August 2026.
  11. ↑ "PPF announces partnership with global technology group e&". PPF Group. 1 August 2023. Retrieved 30 August 2026.
  12. ↑ "Commission Decision of 24 September 2024 – e&/PPF Telecom Group". EUR-Lex. European Commission. 24 September 2024. Retrieved 30 August 2026.
  13. ↑ "PPF closes a major transaction and forms a partnership with e&, a global technology group". PPF Group. 24 October 2024. Retrieved 30 August 2026.
  14. ↑ "e& PPF Telecom successfully completes the acquisition of SBB d.o.o. Serbia" (PDF). e&. 2 April 2025. Retrieved 30 August 2026.
  15. 1 2 "History". e& PPF Telecom Group. Retrieved 30 August 2026.
  16. ↑ "KONCENTRÁCIE: PMÚ schválil koncentráciu v oblasti telekomunikácií" (in Slovak). Antimonopoly Office of the Slovak Republic. 30 April 2026. Retrieved 30 August 2026.
  17. 1 2 "e& PPF Telecom Group". PPF Group. Retrieved 30 August 2026.