UAE Telecom E& Unit Acquires Serbia’s SBB for $891mln

E& PPF Telecom, a subsidiary of Emirates Telecommunications Group Company (e&), has completed the acquisition of 100% stake in cable television and broadband internet service provider Serbia Broadband (SBB).

The EUR 825 million ($891 million) transaction was financed through debt secured by the unit, the UAE-based telecom operator confirmed on Wednesday.

Last February, e& PPF Telecom Group, a joint venture of e& and Czech-based PPF, signed a binding agreement with Balkan telecoms and media company United Group to take over SBB.

The deal is expected to scale up e& in Central Eastern Europe, as well as diversify revenue sources.

With the completion of the deal, e& said its unit will be able to combine SBB with its Serbian mobile subsidiary Yettel.