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TMCNet:  PPF reportedly to sell stake in energy group EPH. [IntelliNews - Weekly Reports]

[December 16, 2013]

PPF reportedly to sell stake in energy group EPH. [IntelliNews - Weekly Reports]

(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Investment and financial group PPF, controlled by the richest Czech businessman Petr Kellner, is holding talks to sell its stake in Energeticky a prumyslovy holding (EPH), the Czech Republic's second largest power producer, Lidove Noviny daily and business web portal reported without saying where they got the information from.

According to Lidove Noviny, PPF's 44.4% stake in EPH is valued at EUR 1.2bn, while said Kellner would get EUR 1.1bn from the transaction. Buyers of the stake will most likely be EPH's other shareholders – investment group J&T (37.04%) and businessman Daniel Kretinsky (18.52%).

PPF bought the stake in EPH in 2009 for CZK 3bn (EUR 109mn). If confirmed, this would be the second major deal announced by PPF in a month after in early November it agreed to buy a 65.9% stake in the Czech unit of Spanish telecommunications company Telefonica for EUR 2.5bn.

PPF, one of eastern Europe's largest investment companies, invests in a number of sectors such as banking and financial services, insurance, real estate, energy, metal mining, agriculture, retail and biotechnology. The group manages assets of EUR 22.1bn.

EPH is the Czech Republic's biggest heat supplier and the second biggest electricity producer in the country. It comprises over 30 companies active in coal mining, electricity and heat production, heat distribution and trade in electricity and gas. Earlier this year, EPH agreed to buy a 49% stake in Slovak regional power distributor Stredoslovenska Energetika (SSE) for some EUR 400mn and a 49% stake in Slovakia's dominant gas utility Slovensky plynarensky priemysel (SPP) for EUR 2.6bn.

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