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Herbert Smith Freehills has advised GIC on its acquisition of a 30% stake in CETIN Group. PPF Group will retain majority 70% ownership of its leading telecommunications infrastructure provider operating across Central and Eastern Europe.

The transaction underscores the confidence among major international investors in the strategy PPF pioneered in 2015 and has since pursued: building and operating complex fixed and mobile telecommunications networks and providing infrastructure as a service to retail operators. PPF and GIC have agreed that the new minority shareholder in CETIN will have appropriate representation on the company’s board of directors. The completion of the transaction is subject to customary regulatory approvals. The parties have agreed not to disclose the transactions’ financial details.

The Herbert Smith Freehills team was led by GIC relationship partner and Global Co-head of Infrastructure Gavin Williams, Aaron White (TMT M&A), John Taylor (Private Equity) and senior associate Emma Stones (Corporate, M&A). The team included Veronica Roberts and Ali MacGregor (Competition, Regulation and Trade), Dominic Rowe (Corporate, TMT), Ivan Biros (Corporate, M&A), David Wyles, Dhananjaya Chak and Omar Shafi (Finance), Isaac Zailer and Perminder Gainda (Tax), Joseph Dennis (Private Equity), Filip Gavanski (Corporate, M&A), Lyndon Coppin, Tanisha Onyenaoha and Tatum Govender (Corporate, TMT).

GIC was also advised by Kinstellar (as to Czech, Hungarian, Bulgarian and Serbian laws) and Loyens & Loeff (as to Dutch law).

Gavin Williams commented:

"It was a privilege to advise the GIC Infrastructure team on this landmark investment in digital infrastructure. We wish GIC, PPF and CETIN every success for their future together."

Key contacts

Gavin Williams photo

Gavin Williams

Global Co-Head of Infrastructure, London

Gavin Williams
Aaron White photo

Aaron White

Partner, Brisbane

Aaron White
John Taylor photo

John Taylor

Partner, London

John Taylor
Emma Stones photo

Emma Stones

Partner, London

Emma Stones
Veronica Roberts photo

Veronica Roberts

Partner, UK Regional Head of Practice, Competition, Regulation and Trade, London

Veronica Roberts
Dominic Rowe photo

Dominic Rowe

Senior Associate (New Zealand), London

Dominic Rowe

Media contact

For further information on this article please contact

Lydia Lam

Head of Communications, UK, US & EMEA

London