Thor Björgólfsson, Iceland’s first billionaire, has sold Ceske Radiokomunikace (CRa), a leading Czech telecom company, to a consortium of private equity investors.

Thor Björgólfsson, Iceland’s first billionaire, has sold Ceske Radiokomunikace (CRa), a leading Czech telecom company, to a consortium of private equity investors. The consortium includes the Lehman Brothers’ private equity business; Mid Europa Partners, a buy-out fund focused on Central and Eastern Europe; and Al Bateen, an Abu Dhabi-based investment company. The deal, closed at $1.54 billion, is one of the largest leveraged buy-outs in Central Europe. The consortium will also receive CRa’s 39.2 per cent stake in T-Mobile Czech Republic, a Czech mobile business controlled by Deutsche Telekom.