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Byline: Brian Cattell
LONDON -- The Czech Republic's largest phone company, Cesky Telecom a.s., unveiled an agreement Monday to take full control of its mobile unit, Eurotel Praha spol. s.r.o, by buying a 49% stake in the company from U.S. telecoms Verizon Communications Corp. and AT&T Wireless Corp. for $1.475 billion in cash.
Cesky Telecom said the agreement is preliminary and may still fall apart. The company has been negotiating the purchase of the stake from the U.S. companies for about a year but the two sides have struggled to agree on a price, with the buyers reportedly holding out for a high valuation of their stake and in no hurry to sell.