PPF Group in talks to acquire majority stake in Telefonica Czech Republic

Billionaire Petr Kellner’s PPF Group NV is in talks to acquire the Czech Republic’s biggest telephone company, potentially putting an end to eight years of control by Spanish carrier Telefonica SA, the Bloomberg news agency reports. Telefonica has been exploring strategic options for its 69 percent stake in Telefonica Czech Republic AS and according to an unnamed source cited in the Bloomberg report PPF is currently the only bidder for the holding, which has a market value of 3.9 billion dollars.