Shareholders of O2 Czech Republic voted to spin off the infrastructure part of the business, which includes both fixed and mobile networks, to create a new (and unlisted) company called CETIN.
Shareholders will receive one CETIN share for each O2 share they hold.
Those not voting for the spin-off will have the opportunity to sell their CETIN shares at a price determined by a later audit.
For the purposes of the split, CETIN was valued at CZK150 ($6) per share, or CZK46.9 billion.
The remainder of O2 Czech Republic continues as a publicly-listed operator, providing voice, data and TV services.
The demerger is not a complete surprise. The company, which is majority controlled by local financial group PPF, moved for an infrastructure spin-off in January after completing a feasibility study. It said at the time that the spun-off unit would be free to offer wholesale services to other telecoms operators in the market
According to GSMA Intelligence, O2 Czech Republic had more than five million mobile connections (end Q4 2014). It is the second largest operator in the market behind T-Mobile.