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Etisalat in talks with Czech firm for potential tie-ups

Etisalat e& Vodafone e&
Beehive will be consolidated into e&’s financials as of August 2023

Abu Dhabi-headquartered Etisalat, now branded as e&, is in talks with Czech investment firm PPF Group to explore opportunities in central and southeastern Europe.

“Etisalat and PPF Group are in early stage of discussions of forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe, excluding Czech Republic, that are mutually beneficial to both groups,” the UAE telco said in a statement published on Abu Dhabi Securities Exchange on Monday.

The UAE telco is also reportedly in talks to buy a stake in PPF’s business in Bulgaria, Bulgarian news website reported on Friday, citing sources.

The two companies commenced negotiations some weeks ago and a possible deal is likely be announced at the end of summer, the report said.

The two companies are also said to be talks regarding a stake in Yettel, PPF’s telecommunication business in Serbia and Hungary.

AGBI last month reported that Etisalat made a paper loss estimated at $2.1 billion on its stake in Vodafone due to a slump in the UK’s Vodafone Group’s share price since mid-2022.

The company holds a 14.61 percent stake in Vodafone.