Telefónica reportedly looking to sell Czech division

Telefónica is preparing to sell its US$3.6 billion (€2.7 billion) stake in its Czech division, according to Reuters and Bloomberg reports. 

Goldman Sachs and Societe Generale are assisting Telefonica find a buyer for its 69% holding in Telefonica Czech Republic, said Bloomberg citing three people familiar with the matter.

Reuters reported that Czech investment group PP, which recently sold its telecoms arm, was the most likely buyer, citing two unnamed sources.

Telefonica, which has close to €50 billion Euros in net debt, is reportedly looking to cut this to under €47 billion by the end of the year, and recently sold its O2 Irish business.