Spanish mobile phone group Telefonica is looking to sell its $3.6bn stake in its listed Czech division with local investment firm PPF said to be leading the race to buy the asset, Reuters has reported.
The company is facing an ongoing challenge to pay down its billion-dollar debt pile, currently close to €50bn, in an effort to avoid a potential debt-rating cut. Last year US private equity firm Bain Capital bought the company’s call centre unit for just over €1bn.
It has hired Goldman Sachs and Societe Generale to explore a potential sale for its 69.41 stake in the company.
A number of unnamed private equity firms were also said to be looking at Telefonica Czech Republic, the report said.
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