PPF Telco, which controls over 90% of telecommunication company O2 Czech Republic (O2 CR), has obtained approval from the Czech National Bank (CNB) to start the buyout of shares from minority shareholders.
According to a press release, 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 said.
PPF Telecom Group comprises mobile operators active under the Telenor brand in Hungary, Bulgaria, and Serbia and infrastructure company CETIN Group, which operates in all the above-mentioned countries as well as in Czechia.
"The goal of the O2 CR integration is to consolidate or strengthen the position of PPF Telecom Group in the field of telecommunications services and infrastructure in Central and Southeastern Europe. This will enable it to withstand the ever-increasing competition on the market," said PPF.
The O2 Czech Republic and its Slovak subsidiary O2 Slovakia will continue operating under the O2 brand in Czechia and Slovakia.