PPF takes over telecommunications firm Telefonica Czech Republic
The PPF investment group has signed a deal to buy a majority stake in Telefonica Czech Republic. In a statement, PPF said it was spending almost CZK 64 billion to acquire 66 percent of the shares in the country’s biggest telecommunications company. The contract still has to be considered by the Czech anti-trust authority. The acquisition includes Telefonica Czech Republic’s daughter company Telefonica Slovakia. PPF is controlled by Petr Kellner, the Czech Republic’s richest man.