Czech investment group PPF is reportedly eyeing Telefonica’s local unit, however its offers so far have been rejected.
PPF, which recently agreed to sell its 49% stake in an insurance joint venture to Italy’s Generali, has set its sights on…
Czech investment group PPF is reportedly eyeing Telefonica’s local unit, however its offers so far have been rejected.
PPF, which recently agreed to sell its 49% stake in an insurance joint venture to Italy’s Generali, has set its sights on Telefonica Czech Republic in light of the fact the Spanish parent company is working to cut debt, Reuters reported citing weekly magazine Euro. According to the report, PPF also looked at Deutsche Telekom-owned T-Mobile and Vodafone’s local units.
Telefonica’s Czech business could sell for up to Kc100bn (US$5.21bn), the Euro report stated with reference to a person familiar with PPF’s plans.
PPF and Telefonica Czech Republic have declined to comment.
Owned by Czech billionaire Petr Kellner, PPF secured regulatory approval to participate in the Czech Republic’s 4G auction alongside Telefonica, T-Mobile and Vodafone.
PPF describes itself as one of the largest investment and finance groups in Central and Eastern Europe with about €12bn of assets under management.
