e& PPF Joins Bidding for Telemach Croatia
The UAE-linked telecom group is among bidders for United Group's Croatian operator Telemach Hrvatska, with indicative bids due November 9.
Updated on Nov. 3, 2026 in Telecommunications
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e& PPF Telecom Group is among the bidders for Telemach Hrvatska, the Croatian unit of United Group, which is collecting indicative bids until November 9. The group was formed in 2024 after UAE telco e& acquired a controlling stake in PPF's telecommunications assets.
Why it matters
The bid would extend e& PPF's footprint in the Balkans, where it already owns Serbia Broadband, acquired from United Group in February 2025 for €825mn. Any transaction could also reshape telecom competition in Croatia and neighboring markets.
PPF's telecom arm reported telco Ebitda of €1.12bn in H1 2026, up from €1bn a year earlier. The Telemach bid price and deal terms have not been disclosed.
The players
e& PPF Telecom Group
A telecommunications group formed in 2024 through the UAE's e& acquiring a controlling stake in PPF's telecom assets across several Central and Southeastern European markets.
United Group
A Balkan media and telecommunications company that owns Telemach Hrvatska and previously sold Serbia Broadband to e& PPF.
The details
e& PPF Telecom Group was formed in 2024 after UAE telco e& bought 50% plus one share in PPF Telecom in a €2.2bn deal that gave it control of PPF's telecom assets in Bulgaria, Hungary, Serbia and Slovakia. The European Commission conditionally approved that transaction in September 2024.
Timeline
September 2024: European Commission conditionally approves the e& PPF deal.
February 2025: e& PPF acquires Serbia Broadband from United Group for €825mn.
November 9, 2026: Deadline for indicative bids for Telemach Hrvatska.
The Tech Race
The bid follows e& PPF's 2024 takeover of PPF's telecom assets, which the European Commission cleared on conditions. It extends a consolidation pattern in Southeastern European telecom markets as Gulf-linked operators expand into the region.
If the deal proceeds, Telemach customers in Croatia could see changes to pricing, service plans or ownership. Consumers in Bulgaria may also be affected if regulators review PPF's related acquisition there.
The takeaway
Telecom consolidation in the Balkans is accelerating as foreign investors seek established regional operators. Readers tracking the sector should watch regulatory decisions in Croatia and Bulgaria, which will determine how far these deals can go.
What happens next
Indicative bids for Telemach Hrvatska are due November 9, 2026.
Further reading
For more on industry deals like this one, explore Telecommunications coverage.
Source note: This article includes information reported by Intellinews.
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