The Slovak state is to sell its 49% stake in the incumbent telco Slovak Telekom.

Quoting Pavol Pavlis, the country’s minister of economy, E15 reports that the sale will be undertaken through an IPO on the stock exchanges in London and Bratislava and should be completed by the end of the first half this year.

Although Pavlis did not expand on how much the sale might bring in, Slovak media have in the past estimated that the stake could be worth between €600 million and €800 million.

E15 says that the state has previously failed to reach an agreement with Deutsche Telekom, the incumbent’s majority owner, over the distribution of profits.

The amount of retained earnings by the company has previously been estimated to be over €145 million.