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 Technology News | April 2006 
Mexican Magnate Dials in Verizon Assets
 ZDNet
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Carlos Slim will buy three Latin American operations from U.S. carrier Verizon Communications as he extends his grip on the regional telecommunications market. |
Carlos Slim Helu, the third-richest man in the world, will buy three Latin American operations from U.S. carrier Verizon Communications as he extends his grip on the telecommunications market across the region.
Verizon said on Monday that it will sell its stakes in providers in the Dominican Republic, Puerto Rico and Venezuela to America Movil and Telmex for about $3.7 billion.
The deal will be carried out in three transactions.
Slim is the majority owner of America Movil, Latin America's leading cellular phone provider, and Telefonos de Mexico (Telmex), the top fixed-line telephony and Internet provider in Mexico.
The three Verizon properties, serving more than 15 million customers for wireless, traditional telephone and Internet services, have about 17,000 employees.
Verizon said the investments represent a small part of its revenue base and are no longer part of the company's core business focus.
Other U.S. carriers, such as BellSouth, sold their Latin American operations in recent years, after failing to generate solid revenue from the region.
Their exits opened the door for acquisitions to Slim's two companies, as well as for Spain's Telefonica, America Movil's main rival. |
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