The European Commission (EC) cleared a proposed acquisition of parts of PPF Group’s telecoms assets by UAE-based e&, subject to certain conditions offered to resolve competition concerns.
The decision marks the conclusion of the EC’s first probe under Foreign Subsidies Regulation (FSR) introduced in 2023 to rein in what would be deemed as unfair state support for overseas companies.
It launched the in-depth investigation in June after a preliminary probe indicated e& and UAE sovereign wealth fund Emirates Investment Authority (EIA), which owns a 60 per cent stake in the operator, received subsidies from the UAE which could distort the European Union (EU) internal market.
These included guarantees from the UAE and a loan from state-owned banks enabling the PPF acquisition.
However, following the FSR probe, the EC decided foreign subsidies received by e& did not lead to actual or potential negative effects on competition in the acquisition process.
“E& was the sole bidder for the target and had sufficient own resources to perform the acquisition,” the EC stated.
To address remaining competition concerns, e&’s remedy package includes a pledge to remove an unlimited state guarantee, a prohibition of any financing from e& and EIA for PPF’s activities in the EU and an agreement any financing for activities outside the EU would be subject to oversight by the EC.
E& is seeking to acquire a stake of 50 per cent plus one share in PPF Telecom Group, covering assets in Bulgaria, Hungary, Serbia and Slovakia. Operations in Czech Republic are excluded from the deal.
The post EC approves e&, PPF deal after foreign subsidy probe appeared first on Mobile World Live.
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