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.
PPF Group NV, the Czech financial group controlled by billionaire Petr Kellner, said its buyout offer for all outstanding shares of Telefonica Czech Republic AS will be based on 305.625 koruna a share, at which the stock was purchased from Spain’s Telefonica SA.
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.
Telefonica SA is nearing an agreement to sell its controlling stake in the Czech Republic’s biggest telephone company to billionaire Petr Kellner’s PPF Group NV, according to two people familiar with the matter.
Telefonica SA may find it tough to extract a high premium for its Czech unit from billionaire Petr Kellner, whose PPF Group NV would have to take steps to halt a multi-year revenue slide at the country’s biggest phone company.