PPF Group has revealed that its PPF Telco subsidiary, which owns a 90.01% stake in Czech telecoms operator O2 Czech Republic, has secured approval from the Czech National Bank (CNB) to initiate the buyout of minority shareholders. In a press release, PPF confirmed that the buyout consideration had been set at CZK270 (USD11.96) per share and the process will be conducted by the Group’s banking arm, PPF banka, and should be completed by mid-2022. After acquiring 100% of O2 CR, the PPF Group plans to integrate O2 into its telecommunication division PPF Telecom Group. It notes though, that the Czech operator and its Slovak subsidiary O2 Slovakia will continue to operate under the O2 brand in Czechia and Slovakia.
Explaining the move, PPF said the integration exercise will strengthen the position of the Group in both the telecoms service and infrastructure markets in Central and Southeastern Europe, hopefully bringing about higher-quality services to customers along with the simplification and optimisation of economic processes inside the PPF Telecom Group, which will help it withstand ‘ever-growing’ competition in the market.