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Prague (pte039/06.06.2003/14:53) - Cesky Telecom is taking over Czech mobile operator Eurotel Prague. The former monopolist is buying the remaining 49 per cent share in Eurotel from AT&T and Verizon for 1.05bn dollars. The deal will be completed either this year or early next year http://www.telecom.cz/infocentrum/tiskove_centrum/tiskove_zpravy/clanek.php?tz=05062003_2 .
In addition to the money, the US telecoms firms will also each receive a 24.5 per cent share of a dividend of 414m dollars. Cesky Telecom has been interested in purchasing the remaining shares in Eurotel for some time. The Czech mobile operator is considered one of the most lucrative businesses in Europe.
AT&T and Verizon have agreed to sell their shares for strategic reasons. AT&T intends to concentrate on North America in the future, and Verizon is planning to focus on South America. Roaming agreements will, however, be upheld after the takeover. The two US firms had purchased shares in the Czech phone company in 1990. They have announced they intend to retain their shares in Slovakian operator Eurotel Bratislava.
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