PRAGUE--Czech investment company PPF Group Tuesday said it has completed the buyout of a majority stake in the Czech unit of Spain's Telefonica SA (TEF) worth 2.46 billion euros ($3.3 billion), following an approval of the transaction by the European Commission's anti-trust authorities earlier in January.

PPF Group and Telefonica first unveiled their agreement on the transaction in early November. The Czech company has agreed to pay EUR2.06 billion for a 65.9% stake in Telefonica Czech Republic AS (BAATELEC.PR)--the country's top telecommunications operator--outright and an additional EUR404 million over the following four years.

The Spanish company will retain a 4.9% stake in the Czech company, which also operates in neighboring Slovakia. Telefonica may sell its remaining stake in its Czech and Slovak units to PPF Group after the four-year period, the two companies said.

PPF Group is majority owned by Czech business tycoon Petr Kellner, who has an estimated net worth of $10.4 billion, according to Forbes magazine which last year ranked him 106th on its list of the world's billionaires.

PPF Group is finalizing its mandatory buyout offer for the remaining minority shareholders of Telefonica Czech, which is traded on the Prague stock exchange.

"Until the approval of our offer document by [Czech regulators] PPF Group won't make any further comments about Telefonica [Czech/Slovakia]," PPF Group spokesman Radek Stavel said in a statement.

PPF Group's takeover of Telefonica Czech is the company's largest investment on the local market after years of expansion in other sectors and territories outside Central and Eastern Europe. The company operates in consumer finance and real estate in Russia, Kazakhstan, China, Vietnam, India, Indonesia and Philippines.

Mr. Kellner has sought to branch out into telecommunications following a recent sale of PPF Group's Eastern European insurance operations to Italy's insurer Assicurazioni Generali SpA (G.MI).

Write to Leos Rousek at leos.rousek@wsj.com

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