January 6, 2015 / 4:50 PM / 5 years ago

Czech O2 says taking steps to spin off infrastructure into new firm

PRAGUE, Jan 6 (Reuters) - Telecoms provider O2 Czech Republic decided to spin off its fixed and mobile infrastructure into a separate entity that would provide wholesale services to other market players, the company said on Tuesday.

The firm also appointed Chief Executive Tomas Budnik as chairman, replacing Luis Malvido who left the company on Dec. 31 as part of changes stemming from the firm’s takeover by billionaire Petr Kellner’s PPF group last year.

O2 said in August last year it was looking at spinning off the infrastructure after the PPF takeover from Spain’s Telefonica. PPF did not say if separating the infrastructure would lead to a sale of the assets. (Reporting by Jan Lopatka; Editing by Jason Hovet)

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