Telefonica of Spain has completed the sale of a majority stake in its operations in the Czech Republic and Slovakia to investment group PPF. The deal, which is valued at CZK63.6 billion (USD3.2 billion) according to the Prague Daily Monitor, was cleared by the European Commission (EC) earlier this month. PPF is acquiring a 65.9% interest in Telefonica Czech Republic, which owns 100% of Telefonica Slovakia. The investment firm is now expected to make an offer to buy out minority shareholders of the Czech unit, although Telefonica has stated that it intends to hang onto a 4.9% stake. The ‘O2’ brand currently used by Telefonica Czech Republic and Telefonica Slovakia will continue for a maximum of four years.