Deals
Telefonica Said to Begin $3.6 Billion Czech Phone Stake Sale
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Telefonica SA is preparing a sale of its stake in the Czech Republic’s biggest phone company to raise cash for further industry consolidation, according to three people familiar with the matter.
Goldman Sachs Group Inc. and Societe Generale SA are helping Telefonica to find a buyer for its 69 percent holding in Telefonica Czech Republic AS, the people said, asking not to be identified because the discussions are confidential. The stake had a market value of about $3.6 billion before today's increase. The stock rose as much as 6.9 percent, reversing earlier losses in Prague trading.