Billionaire Petr Kellner’s PPF Group NV agreed to buy a controlling stake in Telefonica Czech Republic AS for about $3.4 billion, returning the country’s biggest phone company to local ownership after eight years.
PPF Group NV, a Czech financial group controlled by billionaire Petr Kellner, plans to propose 295.15 koruna a share to buy the rest of Telefonica Czech Republic AS in a mandatory offer to minority shareholders.
Telefonica Czech Republic AS, majority owned by billionaire Petr Kellner, said fourth-quarter profit rose 11 percent as a one-time gain from network sharing offset a revenue decline. The net beat analysts’ estimates.
Central European Media Enterprises Ltd. rose the most this month after a newspaper reported three Czech businessmen including billionaire Petr Kellner are in takeover talks with majority shareholder Time Warner Inc.