Published: November 7, 2013
Investment group to take US$3.3bn, 65.9% stake in Telefónica Czech Republic.
PPF Group, an investment firm headquartered in Amsterdam, is buying a majority stake in Telefónica Czech Republic, including its subsidiary Telefónica Slovakia.
The deal will see PPF take a 65.9% stake in Telefónica Czech Republic from parent group Telefónica for CZK63.6bn (US$3.3bn), financed through a CZK35.5bn equity tranche and a syndicated loan led by Société Générale.
PPF will also launch a mandatory tender offer for the remaining shares in the target, although it has been agreed that Telefónica will keep a 4.9% stake in the company.