Telefonica to sell Czech unit in €2.47B deal

|About: Telefonica S.A. (TEF)|By:, SA News Editor

As flagged, Telefonica (TEF) has agreed to sell a 65.9% holding in its Czech telecom unit to PPF Group, the investment company of local billionaire Petr Kellner, for €2.47B ($3.4B).

The Spanish carrier, which will retain a 4.9% stake, will receive €2.06B up front and €404M over four years.

The transaction is part of Telefonica's sale of none-core assets as it looks to raise capital to pay off its massive debt. (PR)