International law firm Freshfields Bruckhaus Deringer has advised PPF Group, a Czech Republic investment group, on its agreement to acquire a controlling stake in the largest Czech telecoms group from Spain's Telefónica for a total cash consideration of EUR 2.467bn.

Although it is expected that PPF will launch a mandatory tender offer for the remaining capital, Telefónica will maintain a stake in Telefónica Czech Republic and will remain as an industrial and commercial partner for a period of four years. Under the terms of the agreement, Telefónica may dispose of its shares subject to certain conditions once the mandatory offer is over.

Corporate partners Sebastian Lawson and Natasha Good led the Freshfields team supported by finance partner Ian Frost who led on the acquisition finance.

The team worked closely alongside Brzobohaty Broz & Honsa, whose team was led by Tomas Otruba and Petr Precechtel, and PPF’s general counsel Lubomir Kral.