In a statement, PPF Group says that the transaction, which was undertaken by PPF Telco, a member of the group, amounted to 9.3 million shares.
It also says that the sale is a one-off decision, with no further transactions planned and O2 remaining a long-term investment for the group.
PPF adds that the aim is to increase the free float of O2 shares and support trading and liquidity.
As such, the price agreed does not reflect the fair value of the shares as perceived by PPF Group.
Following the completion of the deal, O2’s free float will increase to 17.4%, while PPF’s ownership in O2 will fall to 81.1% of the share capital and 82.4% of voting rights.
O2 is a key player in the Czech Republic’s pay-TV industry.
As previously reported by Broadband TV News, it ended 2016 with 221,000 IPTV and OTT customers.