e& PPF Telecom Group, a joint venture between Emirates Telecommunications Group Company and the Czech-based PPF Group, has finalized the acquisition of Serbia Broadband (SBB) for €825 million. The transaction, structured on a cash-free, debt-free basis, was financed through external debt secured by e& PPF Telecom.
Founded in 2002, SBB is a leading cable television and broadband internet service provider in Serbia, with over 700,000 active customers. This acquisition supports e&’s strategic goal to increase its international presence in Central Eastern Europe, diversify its revenue sources with exposure to more stable currencies, and accelerate growth for e& PPF Telecom.
The deal also includes the carve-out of SBB’s direct-to-home satellite operations, which will be sold to Telekom Srbija. United Group, the previous owner of SBB, will retain its media assets, including news and entertainment channels N1 and Nova S, which will continue to be broadcast by SBB.
Balesh Sharma, CEO of e& PPF Telecom Group, expressed confidence in the acquisition, noting that it would complement existing services offered to Yettel customers in Serbia and enhance the range of offerings available to SBB subscribers. He emphasized that the synergies from this acquisition would ultimately benefit customers.
This acquisition is part of e&’s broader strategy to expand its footprint in Central Eastern Europe. In October 2024, e& acquired a 50% stake plus one share in PPF Telecom Group’s regional assets for €2.15 billion, establishing the e& PPF Telecom Group. This joint venture now operates in Serbia, Hungary, Bulgaria, and Slovakia, focusing on growing its telecommunications portfolio.
The completion of the SBB acquisition is expected to strengthen e& PPF Telecom Group’s position in Serbia by integrating SBB with its existing mobile operator, Yettel. This integration aims to create a leading converged operator in the Serbian market, offering both fixed-line and mobile services.
United Group’s decision to divest SBB aligns with its strategy to focus on markets where it can offer the full spectrum of mobile and fixed telecommunication services. Victoriya Boklag, CEO of United Group, noted that the divestment would allow the company to maximize its growth potential and value creation.
