Czech billionaire Strnad launching new investment firm, Bloomberg reports

Czech billionaire Michal Strnad is launching a new investment company that could have up to €10 billion available for acquisitions in Europe and the United States, according to Bloomberg.

Part of the funding is expected to come from the recent sale of shares in defence group Czechoslovak Group. A company spokesman said the figure reflects the firm’s potential investment capacity when debt financing is included.

Bloomberg reported that Strnad has already transferred some assets into the new company, including a stake in Prague’s Four Seasons Hotel Prague and football club Viktoria Plzeň. The new firm is expected to focus on investments outside the defence industry and target long-term growth sectors.