The European Commission approved on April 3 the acquisition by PPF of sole control over Skoda Transportation, VUKV, Skoda Investment, Bammer Trade, JK and Satacoto.
The PPF Group of the Netherlands, in addition to Škoda Transportation, can also take over the Czech-based VÚKV, Škoda Investment and Bammer Trade. In Finland, PPC will be acquired by Jokiaura Kakkonen and Cyprus’s Satacoto holding company.
“The European Commission’s approval is one of the important conditions for completing the entire business transaction. The settlement should take place during April,” said PPF spokesman Zuzana Migdalová.
Skoda Transportation is engaged in the production, development, assembly, reconstruction, and repair of railway and subway vehicles, trams, trolleybuses and electric buses, and related services. VÚKV is active in the development, research, and testing of rail vehicles and their parts, as well as related services.
Skoda Investment is involved in the renting of property and the granting of licences for the SKODA trademark and is also active, via its subsidiaries, in photovoltaic power generation, IT. and telecommunications technology.
Bammer Trade is involved in the repair of public transportation vehicles. JK is engaged in the renting of production facilities. Cyprus-based Satacoto is a holding company which is active in the production of electric motors and generators, and the renting of real estate. PPF is a finance and investment group focusing on financial services, consumer finance, telecommunications, biotechnologies, retail services, real estate and agriculture.
The European Commission examined the transaction under the amplified merger review procedure and has concluded that the proposed transaction would raise no competition concerns given the negligible overlaps between the companies’ activities in the European Economic Area.