Telemach Hrvatska Draws e& PPF Telecom Bid
The bid sits within e& PPF's expansion across Central and Southeast Europe, with indicative offers due November 9, 2026.
Updated on Nov. 3, 2026 in Telecommunications
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e& PPF Telecom Group, formed in 2024 after UAE telco e& bought a controlling stake in PPF's telecom assets, is among the bidders for United Group's Croatian operator Telemach. Telemach Hrvatska is collecting indicative bids until November 9, 2026, so the outcome remains undecided.
Why it matters
The bid extends a pattern of consolidation in Central and Southeast European telecoms, where PPF's Yettel and e&'s acquisitions are reshaping regional market structure. A possible Bulgarian antitrust review of PPF's acquisition of United Group's assets there adds a regulatory variable to that trajectory.
The figures are PPF's reported half-year results, with the telco Ebitda rising from €1bn to €1.12bn year-on-year. The stub gives no network capacity, subscriber, or technology metrics for the telecom assets, so the performance comparison covers financial results only.
The players
e& PPF Telecom Group
A telecom holding group formed in 2024 that is controlled by UAE telco e& and holds PPF's telecom assets in Central and Southeast Europe.
United Group
A Balkan-focused telecom and media group that owns Telemach Hrvatska and previously sold Serbia Broadband to e& PPF.
PPF Group
A Prague-headquartered investment group whose telecom arm operates Yettel and holds about one third of local telephone services in Bulgaria.
e&
The UAE telecom operator that acquired a controlling stake in PPF's telecom assets and anchors the e& PPF Telecom Group.
The details
e& PPF Telecom Group was formed when UAE telco e& bought 50% plus one share of PPF Telecom, the telecom arm of Prague-based PPF Group, in a €2.2bn deal. That transaction gave e& control of PPF's telecom holdings in Bulgaria, Hungary, Serbia and Slovakia, and the European Commission conditionally approved it in September 2024. The group's expansion continued in February 2025 with the €825mn purchase of Serbia Broadband from United Group, and it is now evaluating further assets, including Telemach Hrvatska in Croatia.
Timeline
September 2024: The European Commission conditionally approved the e& PPF Telecom deal.
February 2025: e& PPF Telecom Group acquired Serbia Broadband from United Group for €825mn.
October 26, 2026: E15 reported PPF's interest in United Group's Balkan telecom assets.
November 9, 2026: The deadline for indicative bids for Telemach Hrvatska closes.
The Tech Race
The e& PPF Telecom Group's pursuit of Telemach Hrvatska follows its February 2025 Serbia Broadband purchase, extending a consolidation path that began with the €2.2bn PPF deal. The competing bid picture for Telemach is not disclosed in the stub, so the race's outcome remains open.
Customers of Telemach in Croatia and of Yettel in Bulgaria may see changes in ownership and service direction depending on how these deals close. The stub does not state any pricing, service, or timing changes for end users, so any consumer effect is currently unannounced.
The takeaway
Watch the November 9, 2026 close of indicative bids for Telemach Hrvatska to see whether e& PPF advances to the next round. A Bulgarian antitrust ruling on PPF's United Group asset acquisition would be the next concrete test of whether regulators will accept further consolidation in the region.
What happens next
Telemach Hrvatska's indicative bid window closes on November 9, 2026, after which the shortlist and any Bulgarian antitrust review of the United Group asset purchase will determine the next moves.
Further reading
For broader context on how regional acquisitions are reshaping the sector, explore our Telecommunications coverage.
Source note: This article includes information reported by Intellinews.
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