The PPF group of investor Petr Kellner has signed a deal to acquire 100 percent of the Czech trains and trams maker Skoda Transportation, PPF and Skoda said on Saturday. The Pilsen-based firm employing 5,300 people had been owned by several Czech businessmen, represented by a company called CEIL. "A contract on transferring 100 percent of shares in Skoda Transportation has been signed by CEIL, the sole owner, and the PPF company," Skoda said in a statement.
"The entry of a strong financial partner into Skoda Transportation will help its further development." The firms did not disclose the price PPF would be paying.
PPF said it would provide operating financing for the company which mainly supplies commuter trains, trams, locomotives, subway trains and electric buses for Czech and international customers. The deal is subject to regulatory approvals, the companies said.
The sale came after earlier reports that first China's CRRC and earlier this month Czech investor Daniel Kretinsky were interested in the engineering firm, which is the biggest in its sector in central and eastern Europe.
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