The government of Slovakia has appointed JP Morgan and Citigroup as advisors on the upcoming sale of the state’s 49% stake in Slovak Telekom, Reuters reported. As per previous announcements, the government is planning to sell the shares via an initial public offering (IPO) on the London and Bratislava stock markets, unless Slovak Telekom’s majority owner Deutsche Telekom uses its right of first refusal. Economy Ministry spokesperson Miriam Ziakova said: ‘The valuation process has started … we have the ambition to realise the sale by the end of the year, either through an IPO or directly. It depends on what the banks offer us. At the moment the situation in the market is such that IPO would be much more favourable … Or if Deutsche [Telekom] is interested to buy all the shares, that option is still here.’ Slovakia’s 2015 budget forecast that the share sale could raise up to EUR1 billion (USD1.35 billion).