PPF is examining several options. The group has previously confirmed that it is considering Cetin’s entry on the stock exchange, according to Bloomberg, direct sale to the investor is also at stake. “They are not completely out of these reports,” Vladimír Mlynář, a member of the PPF Board of Directors, responded on Twitter.
Time wishes the sale. The resulting valuation could also be favorably affected by the agreement concluded last month on the sale of Polkomtel, which is the Polish equivalent of Cetin. Spain’s Cellnex Telecom paid 1.68 billion euros for it, about 13.3 times EBITDA.
According to Bloomberg, the transaction could value Cetin at more than 6.7 billion euros (about 176 billion crowns), the original market estimates spoke of four billion euros (about 100 billion crowns). Cetina’s spokesman did not want to comment on the amount or the possible result of the balance sheets.
If Cetin went public, he would return to the capital markets after six years. In 2015, the PPF Group ousted the small shareholders of Cetina, which was formed by a breakaway from the telecommunications company O2. Kellner’s group bought a majority stake in O2 from Spanish Phone in early 2014.
According to the source, a possible initial public offering (IPO) of Cetin’s shares could take place in the autumn, most likely on the Amsterdam Stock Exchange.
PPF could also proceed with the direct sale of the minority stake or decide not to carry out any transaction. According to Bloomberg, all three options are equally likely.
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Cetin is currently an infrastructure company that operates over 44,000 kilometers of optical cables and manages the mobile network.
Kellner is the sovereign leader in the ranking of the richest Czechs and Slovaks, compiled by E15 Business Elite magazine. Last year, however, he became significantly offended when the value of his assets fell by 57 billion crowns to 233 billion crowns, according to an estimate by E15 magazine. The reason was the worse results of the Home Credit group, which provides consumer loans.
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