Reply #23: Verizon to Sell Latin America Units [View All]

[ozymandius]

NEW YORK - Verizon Communications Inc. on Monday said it has agreed to sell its Caribbean and Latin American telecommunications operations to America Movil SA de CV and a unit jointly owned by Mexico's Telmex for $3.7 billion.

In three separate transactions, Verizon said it is selling telecommunications provider Verizon Dominicana in the Dominican Republic; divesting its 52 percent interest in Telecomunicaciones de Puerto Rico Inc. and selling a roughly 29 percent stake in Compania Anonima Nacional Telefonos de Venezuela.

Chairman and Chief Executive Ivan Seidenberg said the businesses "represent a small part of our revenue base that is less aligned with our core business focus and future growth."

America Movil, which provides wireless service throughout Latin America, acquires the Dominican Republic unit and stake in the Puerto Rico business under the deal. A company co-owned by America Movil and Mexico's Telefonos de Mexico is buying the Venezuela business.

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