The investment company PPF Group signed an agreement to purchase 100% of the shares of Škoda Transportation, including other assets related to Škoda Transportation’s business such as the “Škoda” trademarks and the real estate used by the company. The completion of the transaction is subject to approval by the relevant antitrust authorities. The Czech founder and majority shareholder of PPF Group is Petr Kellner.
PPF Group will also commit itself to provide an operating loan to finance Škoda Transportation’s essential needs as part of the deal. Although the companies did not disclosed the value of the transaction, according to media, it would have a value of CZK 10 billion (EUR 392.6 million).
Czech rolling stock manufacturer, Škoda Transportation, currently employs over 5,000 workers in Šumperk and Pilsen. In addition to the parent company Škoda Transportation, it has a number of subsidiaries and joint ventures operating in countries such as Germany, Finland, the US, Russia and Hungary which run their own individual projects. Škoda Transportation also pursues its own R&D programme.
PPF Group invests into multiple market segments such as banking and financial services, telecommunications, real estate, and others and owns assets of almost EUR 35 billion .
Last year, CRRC announced that held talks to take over Škoda Transportation, through its subsidiary CRRC Zhuzhou Electric Locomotive.
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