The National Property Fund signed the sale contract for the state’s 51% stake for CZK 82.6bn or CZK 502/share to Telefonica yesterday. Telefonica is to pay 10% of the price after four days from delivery of the sale contract. The transaction is subject to regulatory approval from the European Commission. Telefonica and the NPF expect the transaction to be closed by the end of June. Telefonica will have to call an obligatory buyout within 60 days after the transfer of shares and the company expects the buyout to be finalized in the last quarter of 2005. It does not plan to spin off CT’s 100%-owned mobile arm, Eurotel.