By Leos Rousek

PRAGUE--PPF Group, a Czech financial firm, on Monday said it had offered to buy out the remaining shares in both units of the recently split telecommunications operator O2 Czech Republic (BAATELEC.PR).

PPF, owned by the richest Czech, Petr Kellner, controls over 80% of O2 Czech assets, comprising of the namesake operator and its infrastructure division Ceska Telekomunikacni Infrastruktura, or CETIN.

PPF, which bought the majority stake in O2 Czech from Spain's Telefonica SA (TEF) for $3.3 billion in 2014, offered 78 koruna ($3.2) and CZK176 a share each for O2 Czech and CETIN respectively.

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