Billionaire Kellner’s family weighs mortgage options

(Bloomberg) – The family of the late Czech billionaire Petr Kellner are exploring options for consumer lender Home Credit, people familiar with the matter said, nearly two years after an initial public offering in Hong Kong was dropped.

Home Credit owners are in talks with advisors about options, including partnerships and selling stakes in some deals, as they consider ways to raise funds and spur the business’s growth, have people said.

The review is particularly focused on Southeast Asia and India and could lead to a transaction such as a sale of stake to a new partner, according to people, who asked not to be identified because the the matter is private. Home Credit’s business in Indonesia, Vietnam, the Philippines and India could be valued at between $ 2 billion and $ 2.5 billion, they said.

The structure of any potential deal has not been decided, and there is no certainty that deliberations will lead to a deal, the people said. A representative of the Kellner family’s investment firm, PPF Group NV, said he was unable to comment immediately.

PPF canceled a $ 1.5 billion share sale for Home Credit in November 2019, citing market conditions. Kellner died at the age of 56 in a helicopter crash in March.

Home Credit was founded in 1997 and operates in nine countries in Asia, Central and Eastern Europe and the former Soviet Union. After the fall of communism in the Czech Republic, Kellner created PPF Group, a holding company with interests spanning finance, telecommunications, manufacturing, media and biotechnology.

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