PPF buys 65.9 pct stake in Telefonica’s Czech unit-Reuters

Nov 5 (Reuters) – Czech investment group PPF has agreed to buy a 65.9 percent stake in Telefonica Czech Republic from Spain’s Telefonica for 2.467 billion euros ($3.33 billion), it said on Tuesday.

PPF, owned by Petr Kellner, the Czech Republic’s richest man, said it would finance the deal through an equity tranche of 1.4 billion euros and a syndicated loan facility provided by a consortium led by Societe Generale.

PPF said, on completion of the transaction, that it would launch a mandatory tender offer for the remaining shares of Telefonica Czech Republic. Spain’s Telefonica will keep a 4.9 percent stake in the Czech group and committed not to accept the subsequent mandatory tender offer, PPF said.