Telefonica sells Czech branch for $3.3 billion

Print
Email
|

Associated Press

Posted on November 5, 2013 at 5:02 AM

PRAGUE (AP) — Czech investment firm PPF Group says it has agreed to buy the Czech telecoms branch of Spain's Telefonica in a deal valued at 63.6 billion koruna ($3.3 billion).

PPF Group says it will acquire a 65.9 percent stake of Telefonica O2 Czech Republic, which is the country's biggest telecoms operator with 5.1 million customers among a population of 10 million.

Under the terms of the deal announced by PPF Group Tuesday, Telefonica will retain a minority 4.9 percent share.

The deal is subject to approval by the European Commission.

The new owner is entitled to use the O2 brand name for another four years.

Print
Email
|
 
Top Video
More Video