PPF Group has agreed to sell investment fund GIC a 30 percent stake in the network operator Cetin. PPF will retain majority 70 percent ownership of the infrastructure provider operating across Central and Eastern Europe.
The parties have agreed not to disclose the transaction's financial details. PPF was previously reported to be considering an IPO for Cetin, which manages fixed and mobile networks for O2 Czech Republic and the Telenor companies owned by PPF.
GIC is a sovereign wealth fund from Singapore. The group has previously invested in telecom infrastructure, including a stake in the towers group Cellnex in Europe and Equinix data centres in Asia.
