PPF Group is a Czech investment group led by billionaire Petr Kellner. On Wednesday, PPF said it had been discussing with Telefonica regarding a possible acquisition of the Spanish telecoms unit in the Czech Republic. This would put an end to an almost eight-year control of Telefonica as a dominating telecom company in the country.

PPF said the result of the discussions was not yet clear at the moment and whether an agreement could be reached. The Czech investment group also said it was not sure what the conditions are in order to come to an agreement on the deal.

Telefonica had been aiming to reduce its large debt load. On Tuesday, the Spanish telecoms carrier said it was exploring options regarding its Czech Republic unit. Telefonica said the options would include a sale and that it had confirmed that it has been discussing with PPF about its Czech unit. Telefonica also said it was exploring a sale of a 69% stake in its Czech Rebulic unit to PPF, according to a report from Bloomberg. PPF, which has a market value of USD3.9 billion, is currently the sole bidder for the possible sale.