Prague/Amsterdam – The J&T and PPF groups announce that they have signed an agreement establishing a joint venture in the energy sector and industry. The energy and industrial holding company will be formed by a combination of J&T Group contributing and selling its energy and industrial assets. PPF Group will hold a 40% stake in the holding company in return for a counter-value of CZK 6 billion. Another 40% will be held by J&T and 20% by Daniel Křetínský, who will be in charge of management in the newly established holding company.
The newly formed energy and industrial holding company will control over 20 companies operating in electricity and heat production, electricity trading, manufacture of boilers and turbines for power generation, electricity installation services and additional related fields. The group also includes a bus manufacturer and food industry companies.
Jiří Šmejc, a PPF Group shareholder, on the transaction, commented:
Daniel Křetínský, J&T’s partner responsible for corporate investments, said:
The process of creating the holding company should be formally completed within the next three months.