After receiving approval from the European Commission (EC) to buy a majority stake in Telefonica Czech Republic, investment group PPF is hoping to close the deal imminently.
On its website yesterday, the EC said it concluded the deal “would not raise…
After receiving approval from the European Commission (EC) to buy a majority stake in Telefonica Czech Republic, investment group PPF is hoping to close the deal imminently.
On its website yesterday, the EC said it concluded the deal “would not raise competition concerns, because the parties’ activities do not overlap”.
Amsterdam-based PPF now expects to complete the purchase by the end of January, a spokesperson said.
In November last year, the investment firm agreed to buy Spanish incumbent Telefonica’s 65.9% stake in Telefonica CR. The Kc63.6bn (US$3.32bn) deal also includes Telefonica Slovakia.
The transaction will be financed using a €2.29bn (US$3.12bn) syndicated loan, coordinated by Societe Generale, and an equity cheque of Kc35.5bn (US$1.85bn).
On completion of the transaction, PPF said it plans to launch a mandatory tender offer for the remaining shares in Telefonica Czech. Telefonica will retain a 4.9% equity stake in the business.
