As expected, the acquisition of the state’s 51% stake in CT by Telefonica was completed yesterday, when Telefonica paid the remaining 90% of the acquisition price of CZK 82.6bn. On the same day the 51% stake was transferred from the NPF to Telefonica. Telefonica will now have 60 days to call the mandatory minority buyout. The minimum offer price will be based on: i) 85% of the acquisition price of CZK 502/share, which stands at CZK 427/share, and ii) the 6-month weighted average including the acquisition transaction, which stands at approximately CZK 443/share. The offered price must be also supported by an independent evaluation. The final price must be then approved by the Securities Commission. As the 6MVWAP is higher than 85% of the acquisition price, the minimum price at which the buyout should be called will be based on the 6MVWAP. The price for the buyout will also depend on Telefonica’s future strategy (whether it will keep CT listed or delist the stock).