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.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
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.
PPF Group NV, a Czech investment company owned by billionaire Petr Kellner, bought the remaining 25 percent of a property holding it jointly owned with Milan Janku, the majority owner of ECM Real Estate Investments AG, CTK reported, citing PPF spokesman Milan Tomanek.
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.