PPF Group, the privately held international financial group controlled by Czech billionaire Petr Kellner which owns around 85% of O2 Czech Republic, has launched a buyout offer for all minority shares held in its namesake operator and its recently spun off infrastructure division Ceska Telekomunikacni Infrastruktura (CETIN). PPF, which acquired a majority stake in O2 Czech Republic in January 2014 from Spain’s Telefonica for CZK63.6 billion (USD2.59 billion), has offered CZK78 and CZK176 per share for O2 Czech Republic and CETIN respectively. TeleGeography notes that the spin-off of the infrastructure business was handled by Kocian Solc Balastik (KSB), which managed ‘the initial analysis of relevant legal aspects, drafting the spin-off plan and associated documentation, preparing and convening the general meeting to subsequent steps including registration in the Companies Register’. The demerger had an even exchange ratio, so O2 Czech’s shareholder structure was replicated on the date CETIN was established – i.e. one share in CETIN was allocated to every share in O2.