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July 1, 2022

J&T fund to buy 9.99% stake in MONETA Money Bank

J&T Arch Investments is set to acquire a 9.99% stake in the Czech banking group MONETA Money Bank (MMB) from Petrus Advisers in two stages for an undisclosed sum.

According to reports, J&T Arch Investments, which is a part of Czech investment group J&T, plans to buy an 8.89% stake in MMB immediately.

A further 1.1% stake will be acquired by the end of the year.

Additionally, J&T plans to approach the Czech National Bank to secure approval for the acquisition of a qualifying holding, which would allow the group to cross the 10% threshold.

“The acquired position opens quite wide options for further action that will also depend on the steps of other large shareholders,” J&T investment director Adam Tomis was quoted by Reuters as saying.

The announcement comes close on the heels of the failed merger between PPF Group’s companies and MMB.

The deal, valued at CZK25.9bn, had sought to create a Czech retail banking major but was called off due to unfavourable macroeconomic conditions.

“The termination agreement was prompted by macroeconomic changes which radically altered the parameters of the originally planned merger,” PPF had said at the time.

Notably, the PPF-MMB deal was opposed by Petrus. With around a 30% stake, PPF is MMB’s largest shareholder.

J&T Arch Investments is a fund of investors and the main investment platform of J&T. It invests in companies, projects and partnerships.

It manages the assets of the founders of the J&T group along with that of private and institutional investors.

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