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Telefonica to sell controlling stake in Czech unit to PPF, FT says

Telefonica is close to a deal to sell a controlling stake in the largest Czech telecoms group in a deal valued at about EUR2.5B to PPF Group, according to Financial Times. The deal, which could be finalized as soon as today, would likely be followed by PPF launching a tender offer for the remaining 31% listed on the Czech stock exchange, the report noted.