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Czech O2 says taking steps to spin off infrastructure into new firm

Published 06/01/2015, 16:50
Updated 06/01/2015, 17:00
© Reuters. The logo of mobile phone operators O2 and Telefonica (MADRID:{{469|TEF}}) Czech Republic are seen on the company's technical support centre in Prague
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PRAGUE (Reuters) - Telecoms provider O2 Czech Republic decided to spin off its fixed and mobile infrastructure into a separate entity that would provide wholesale services to other market players, the company said on Tuesday.

The firm also appointed Chief Executive Tomas Budnik as chairman, replacing Luis Malvido who left the company on Dec. 31 as part of changes stemming from the firm's takeover by billionaire Petr Kellner's PPF group last year.

Telefonica (MADRID:TEF) Czech Republic are seen on the company's technical support centre in Prague" alt="© Reuters. The logo of mobile phone operators O2 and Telefonica Czech Republic are seen on the company's technical support centre in Prague" rel="external-image">

O2 said in August last year it was looking at spinning off the infrastructure after the PPF takeover from Spain's Telefonica. PPF did not say if separating the infrastructure would lead to a sale of the assets.

(Reporting by Jan Lopatka; Editing by Jason Hovet)

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