PPF Group has increased its stake in the operator to over 90% and will now use special powers to purchase the remaining equity and take the company off the public market
Back in 2013, Telefonica sold 66% of its stake in O2 Czech Republic to Czech investment fund PPF for around €2.47 billion.
Since that time, PPF has slowly been increasing its stake in the company, until today announcing in a press release that they had increased their share from 83.58% to 90.01%.
As part of the announcement, PPF said that it will now begin proceedings to forcibly purchase the remaining 9.99% equity in the business and take remove the business from the Prague Stock Exchange.
“As the more than 90% holder in the share capital of O2 CR, PPF announces its intention to initiate a squeeze-out procedure of the remaining holders in O2 CR through a mandatory tender offer for the shares in the telecommunications operator held by these remaining minority shareholders," said PPF in a statement.
O2 Czech Republic is the fourth largest company in Czechia, serving around 6 million customers in a country with a population of around 10.7 million. O2 Czech Republic also operates in Slovakia.
PPF currently owns around €40 billion in assets across Europe and Asia, with a growing telecom business in central and eastern Europe. The company was controlled by billionaire and Czechia’s richest man, Petr Kellner, until his unexpected death in a helicopter crash earlier this year. The Group is now being run by Kellner’s long-term business partner, Ladislav Bartonice.
Back in February, it was reported that PPF had approached various banks to explore the possibility of launching an initial public offering for Cetin
, the largest data and communications network in the Czech Republic, which was spun off from O2 Czech Republic back in 2015.
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