Telefonica reportedly close to selling Czech unit

Bloomberg reports Telefonica (TEF) is close to selling its 69% stake in Telefonica Czech Republic to Dutch financial holding company PPF Group, and that a deal could be announced next month.

Sources state the deal won't involve a premium relative to the carrier's current trading price on the Prague exchange, and will likely "include staggered payments based on future performance of the business."

PPF is said to be the only remaining bidder for Telefonica Czech Republic, which was first reported to be on the block earlier this month. The sale efforts are part of Telefonica's attempts to lower its giant debt load.

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