PPF Group raises O2 Czechia stake, plans de-listing

PPF Group raises O2 Czechia stake, plans de-listing

PPF Telecom Group, a strategic PPF Group vehicle used to consolidate investments in telecommunications, has increased its stake in the telecommunications provider O2 Czech Republic (Czechia) and now wants to take the firm private.

PPF said in a press release that it had lifted its stake in the group to 90.01%, from 83.58%, in a reverse accelerated book building. PPF has controlled the O2 Czech Republic since 2014.

PPF said: "As the more than 90% holder in the share capital of O2 CR, PPF announces its intention to initiate a squeeze-out procedure of the remaining holders in O2 CR through a mandatory tender offer for the shares in the telecommunications operator held by these remaining minority shareholders."

With its stake rising above the regulatory 90% level, PPF said it would initiate a squeeze-out procedure of the remaining shareholders in the O2 Czech Republic. The O2 Czech Republic is the country's fourth-largest company with a market cap of $3.81 billion.

PPF, with assets of almost 40 billion euros across Europe and Asia, has grown its telecom business in central and eastern Europe.

The O2 Czech Republic provides voice, internet, and data services to customers ranging from households to SMEs and large corporations. O2’s internet is available in 99% of the Czech Republic’s inhabited territory, easily making it the country’s largest internet provider.

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