UAE’s tech and telecommunications group e& is making strides in Europe with its latest acquisition of a Serbian cable TV and internet services provider, valued at 825 million euros. This move is part of e&’s strategy to expand its presence in the region.

The acquired company, SBB d.o.o. Serbia, boasts over 700,000 active customers and has strong market offerings. In 2023, SBB reported revenues of 244.1 million euros, with an impressive EBITDAaL margin of 50%. According to e&, this acquisition is projected to enhance its revenues and EBITDAaL by 12% and 15%, respectively, based on financial results from the fiscal year 2023.

The acquisition will be managed by e& PPF Telecom Group BV, a subsidiary of e&. The integration of SBB with e&’s existing Serbian mobile subsidiary, Yettel, is expected to create a leading converged operator in Serbia, providing enhanced mobile, fixed broadband, and pay-TV services in a rapidly growing market.

e& and PPF Group entered a partnership last October, which involved e& acquiring a controlling stake of over 50% in the service and infrastructure companies of PPF Telecom Group across Bulgaria, Hungary, Serbia, and Slovakia. At that time, e& highlighted that this acquisition marked a significant step in its global expansion, increasing its geographical footprint to 38 countries.

The financing for the 825 million euro deal will be secured through debt raised by e& PPF Telecom. Once the acquisition is finalized, SBB’s financials will be consolidated into e& PPF Telecom’s accounts.