Telefónica is close to selling its Czech operation to PPF Group NV, a company controlled by the Czech billionaire Petr Kellner.
Bloomberg reports that the two parties are negotiating final terms for the 69% stake in Telefónica Czech Republic, quoting two sources familiar with the matter.
PPF is the only bidder for the stake and any deal would probably include staggered payments based on the telco’s future performance.
Telefónica Czech Republic, formerly known as Cesky Telekom, was acquired by Telefónica for around $4.7 billion (€3.4 billion) in two transactions in 2005.
Since then, the company has gone on to become one of the leading players in Czech Republic’s pay-TV market, operating the IPTV service O2 TV.
