The European Commission has approved a bid by e& to buy the telecom assets of Czech investment group PPF, clearing the way for the Abu Dhabi-based technology company to expand into Europe.
The decision is the first by the EU under new rules aimed at protecting companies in the bloc from unfair overseas competition.
An investigation, which was opened in June, sought to determine if e& was unfairly benefiting from subsidies. Sovereign wealth fund Emirates Investment Authority holds a 60 per cent stake in e&.
The commission concluded that the “subsidies received by e& did not lead to actual or potential negative effects on competition in the acquisition process”.
It also said that e& has sufficient resources of its own to make the acquisition, “which reflected the target's market value, so that foreign subsidies did not alter the outcome of the acquisition process”.
The decision “marks a positive outcome to these proceedings, thanks to the parties’ co-operation and willingness to offer a comprehensive set of remedies to address our concerns”, Margrethe Vestager, the commission's executive vice president for competition, wrote.
e& did not respond to a request for comment from The National.
The decision provides "helpful guidance" on navigating the EU's new regime on competition, said Alexandra Rogers, a partner at law firm Norton Rose Fulbright. She also noted that the decision was taken well ahead of the December 4 deadline.
"A decision this far ahead of the deadline would be unusual for EU [merger regulation] reviews but might result from the nature of the remedies offered here, which do not need much in the way of implementation nor a suitable purchaser to be approved," Ms Rogers said.
Talks on a potential partnership between e& and PPF Group were first announced in July last year as part of the UAE company's push into Europe. A month later, the companies signed an agreement for e& to purchase a 50 per cent stake plus one share in PPF Group's assets in Bulgaria, Hungary, Serbia and Slovakia.
As part of that deal, e& made an upfront payment of €2.15 billion ($2.4 billion), with additional earn-out payments of up to €350 million within three years of closing if PPF Telecom exceeds certain financial targets. Balesh Sharma was retained as PPF Telecom chief executive.
At last year's Gitex Global technology exhibition in Dubai, Mikhail Gerchuk, chief executive of e& international, said the unit was “focused” on closing the PPF deal to expand into central and eastern European markets. e& already has a 15.01 per cent stake in British telecoms company Vodafone.
The company is seeking complementary assets to expand into new markets and broaden its reach to spur growth, top company executives said at the time.
Last month, its digital transformation arm, e& enterprise, completed the purchase of Turkish-based GlassHouse, allowing it to enter three markets in the Middle East and Africa region.
Besides acquisitions, e& at this year's Mobile World Congress announced a commitment of $6 billion over the next two years to boost the digital capabilities and economies of the markets it serves across three continents.
The investment pledge between this year and 2026, made to the International Telecommunication Union’s Partner2Connect Digital Coalition, will cover 16 markets.
Meanwhile, PPF Group operates in the Czech Republic as well as 25 other countries across Europe, North America, Asia and Africa, covering the financial services, telecom, media and e-commerce sectors. PPF is also active in property, biotechnology and transport products and services.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
INDIA'S%20TOP%20INFLUENCERS
%3Cp%3E%3Cstrong%3EBhuvan%20Bam%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fbhuvan.bam22%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%2016.1%20million%3Cbr%3EBhuvan%20Bam%20is%20a%2029-year-old%20comedian%20and%20actor%20from%20Delhi%2C%20who%20started%20out%20with%20YouTube%20channel%2C%20%E2%80%9CBB%20Ki%20Vines%E2%80%9D%20in%202015%2C%20which%20propelled%20the%20social%20media%20star%20into%20the%20limelight%20and%20made%20him%20sought-after%20among%20brands.%3Cbr%3E%3Cstrong%3EKusha%20Kapila%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fkushakapila%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%203.1%20million%3Cbr%3EKusha%20Kapila%20is%20a%20fashion%20editor%20and%20actress%2C%20who%20has%20collaborated%20with%20brands%20including%20Google.%20She%20focuses%20on%20sharing%20light-hearted%20content%20and%20insights%20into%20her%20life%20as%20a%20rising%20celebrity.%3Cbr%3E%3Cstrong%3EDiipa%20Khosla%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fdiipakhosla%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.8%20million%3Cbr%3EDiipa%20Khosla%20started%20out%20as%20a%20social%20media%20manager%20before%20branching%20out%20to%20become%20one%20of%20India's%20biggest%20fashion%20influencers%2C%20with%20collaborations%20including%20MAC%20Cosmetics.%3Cbr%3E%3Cstrong%3EKomal%20Pandey%3Cbr%3E%3C%2Fstrong%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fkomalpandeyofficial%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.8%20million%3Cbr%3EKomal%20Pandey%20is%20a%20fashion%20influencer%20who%20has%20partnered%20with%20more%20than%20100%20brands%2C%20including%20Olay%20and%20smartphone%20brand%20Vivo%20India.%3Cbr%3E%3Cstrong%3ENikhil%20Sharma%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fnikkkhil%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.4%20million%3Cbr%3ENikhil%20Sharma%20from%20Mumbai%20began%20his%20online%20career%20through%20vlogs%20about%20his%20motorcycle%20trips.%20He%20has%20become%20a%20lifestyle%20influencer%20and%20has%20created%20his%20own%20clothing%20line.%3Cbr%3E%3Cem%3ESource%3A%20Hireinfluence%2C%20various%3C%2Fem%3E%3Cbr%3E%3C%2Fp%3E%0A
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
SPECS
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
SPECS
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Dengue%20fever%20symptoms
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More from Rashmee Roshan Lall
Israel Palestine on Swedish TV 1958-1989
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Rating: 5/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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