Czech investor PPF considers selling stake in Bulgaria telecoms arm

Czech investment group PPF is in talks with Emirates Telecommunications Group Etisalat about a potential sale of a stake in its telecommunication business in Bulgaria, Bulgarian news website Capital.bg reported on Friday, citing sources.

The two companies had started negotiations a few weeks ago and if they reach the deal it would be announced at the end of summer, Capital.bg said.

Capital said that PPF was also in talks with Etisalat on sale of stake of its telecommunication business branded Yettel in Serbia and Hungary as well.

“PPF Group and Emirates Telecommunications Group Company are in early stage discussions about forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe (excluding the Czech Republic) that are mutually beneficial to both groups,” PPF said, when contacted for comment by Reuters.

PPF operates a string of telecommunicatin business from the Czech Republic to Bulgaria, serving 3.46 million customers in the latter market.

Etisalat was established in 1976 and the group launched the first mobile phone network in the Middle East in 1982.

In 1983, the ownership structure changed, with the UAE government acquiring 60 percent of the company’s shares, while the remaining 40 percent of the public shares were traded. XM