Jiří Šmejc, a long-term business partner of Petr Kellner, will sell his minority stake in the Home Credit Group by the end of 2023, Seznam News reports. The price will be in the tens of billions of crowns.
According to Forbes magazine, Jiří Šmejc, the 13th richest Czech with assets of around 18 billion crowns, was involved in the development of the Home Credit Group in Russia and China, which are today the largest markets of the Czech installment company. The Home Credit Group was founded by Petr Kellner and is mostly controlled by the PPF Group, which owns a 91.12% stake. The rest, ie 8.88%, is owned by Jiří Šmejc.
However, according to the published PPF annual report, Šmejc should withdraw and sell its stake to the PPF Group. According to the Report List, this transaction has been under preparation for a long time. “Emma Omega will sell all of its shares in the Home Credit Group after the due date of the agreement on December 31, 2023. The acquirer of the shares is the associated company PPF Financial Holdings,” the agreement is reported in the group’s currently published annual report. PPF.
Already in 2019, the PPF Group completed the acquisition of a 2.5% stake in the Home Credit Group from Emma Capital Jiří Šmejc. According to published information, it collected 213 million euros, roughly 5.5 billion crowns.