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Telefonica sells Czech branch for $3.3 billion

Tuesday - 11/5/2013, 5:40am  ET

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.


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