Telefonica to Acquire BellSouth's Latin American Networks

Telefonica Moviles agreed to acquire BellSouth's interests in 10 Latin American networks for $5.85 billion. The deal includes wireless companies in Argentina, Chile, Colombia, Ecuador, Guatemala, Nicaragua, Panama, Peru, Uruguay and Venezuela serving a total of 10.5 million mobile customers. Telefonica already has operations in seven Latin American countries: Brazil, Mexico, Argentina, Peru, Chile, El Salvador and Guatemala.



BellSouth will receive after tax cash proceeds of approximately $4.2 billion and reduce consolidated debt by $1.5 billion. http://www.bellsouth.com