Czech Arms Billionaire Starts Firm to Invest Up to €10 Billion

Czech billionaire Michal Strnad, the richest person in the European Union’s east, is starting an investment firm with potential firepower of €10 billion ($11.7 billion) to target acquisitions in Europe and the US.

Some of the money comes from selling shares in his military equipment company CSG NV earlier this year, the biggest ever initial public offering for a pure-play defense firm. The new entity will be separate and aim to invest in industries other than defense, Strnad said in an interview this week.