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.
Billionaire Petr Kellner’s PPF Group NV is in talks to acquire the Czech Republic’s biggest telephone company, potentially putting an end to eight years of control by Spanish carrier Telefonica SA.
Telefonica Czech Republic AS, majority owned by billionaire Petr Kellner, said first-quarter profit almost halved as competition and regulatory pressures curbed revenue from mobile-phone services.
PPF Group NV, the Czech private equity group controlled by Petr Kellner, acquired the 50 percent of Russian retail chain Eldorado Group it doesn’t already own to tap growing demand for electronics.
Sotio AS, a Czech biotechnology company owned by the country’s richest man, Petr Kellner, began the final stage of trials for an immunotherapy treatment designed to fight prostate cancer.