Kellner's PPF Drops $3.3B For Telefonica's Czech Unit

Law360, New York (November 5, 2013, 1:57 PM EST) -- Telefonica SA has agreed to sell the bulk of its Czech business to privately held investment firm PPF Group NV, in a €2.47 billion ($3.33 billion) deal that also includes its operations in Slovakia, the companies announced Tuesday.

The Madrid-based telecom will sell 65.9 percent of Telefonica Czech Republic, including its wholly owned subsidiary Telefonica Slovakia SRO, to PPF, controlled by Czech billionaire Petr Kellner. Telefonica said it will hang on to a roughly 5 percent stake in the Czech company and will remain as its...
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