O2 Czech Republic has received the go-ahead from shareholders to spin off its fixed and mobile infrastructure into a new joint-stock company called Ceska Telekomunikacni Infrastruktura (CETIN).
The approval was merely a formality given that the move…
O2 Czech Republic has received the go-ahead from shareholders to spin off its fixed and mobile infrastructure into a new joint-stock company called Ceska Telekomunikacni Infrastruktura (CETIN).
The approval was merely a formality given that the move was instigated by PPF, the investment firm owned by local billionaire Petr Kellner which has built an 83% stake in the operator.
O2 CR will transfer assets to the new company which Deloitte has valued at Kc46.9bn (US$1.91bn). These include the fixed network, the physical infrastructure of the mobile network, data centres and associated contracts. Shareholdings in two subsidiaries, Czech Telecom Germany and Czech Telecom Austria, will also transfer to the new company, along with 1,241 employees.
O2 CR will continue to sell phone and internet services to retail customers.
