August 1, 2011

PPF acquires Russia's RAV Agro-Pro

Czech investment group PPF has bought over Russian agricultural company RAV Agro-Pro, according to a Reuters report.

PPF, controlled by Czech billionaire Petr Kellner, said it bought 100% of the Voronezh-based grain and livestock farmer in southern Russia.

"In line with the strategy, focused on industrial diversification, the group is entering a new market which has a big growth potential," PPF said in a statement.

PPF, which also owns banking group Home Credit B.V. that plans to raise around US$1 billion in a public share offer in September, did not disclose the financial terms of the deal.

Investment fund RP Capital was a co-investor in the deal.