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Telefonica SA Agrees To Sell 65.9% Of Telefonica Czech Republic as To PPF Group For EUR 2,467 Million


Tuesday, 5 Nov 2013 02:49am EST 

Telefonica SA (Telefonica) announced that on November 5, 2013 it reached an agreement with PPF Group (PPF) to sell 65.9% of Telefonica Czech Republic as, which includes its operations in Slovakia. The total cash consideration for the operation is EUR 2,467 million, with EUR 2,063 million in cash payable upon completion of the transaction and a deferred payment of EUR 404 million over a period of four years. Before transferring the shares, Telefonica will receive an additional payment of EUR 260 million in November for the dividend declared. Although it is expected that PPF will launch a mandatory tender offer for the remaining capital, Telefonica will maintain a stake of 4.9% in Telefonica Czech Republic as and will remain as an industrial and commercial partner for a period of four years. Under the terms of the agreement, Telefonica may dispose of its shares subject to certain conditions once the mandatory offer is over. Telefonica Czech Republic as and Telefonica Slovakia will change their company names but will continue to trade under the O2 Brand for a maximum of four years. The closure of the transaction is subject to obtaining the relevant regulatory approvals. 

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