Telefónica is in talks to sell its 69% stake the Czech incumbent for a fee initially put at $3.6 billion (€2.7 billion).
Bloomberg reports that Golden Sachs Group and Societe General are helping the Spanish telco find a buyer for the stake, which is likely to attract interest from a number of companies.
However, two of those already present in the Czech market – Deutsche Telekom and Vodafone – are unlikely to win regulatory approval for any deal.
Russia’s Sistema hinted at the possibility of buying an assets in the Czech Republic back in July, and others in the frame include the Czech Republic’s PPF Group, which is headed by the local billionaire Petr Kellner, along with Russia’s Vimpelcom.
Telefónica acquired its stake in Cesky Telecom, and what is now Telefónica O2 CZ, in 2005.
It is currently in the process of reorganising its European assets in order to focus on the main markets.
The Czech subsidiary’s interests include O2 TV, the country’s largest IPTV operation.
