TELMEX to Acquire MCI's Share in Embratel

Telefonos de Mexico (Telmex) agreed to acquire MCI's 19% equity stake in Embratel for $360 million in cash. Completion of the sale is subject to approval by the U.S. Bankruptcy Court and Brazilian regulatory authorities with filings to antitrust and securities authorities.



MCI's share in Embratel is a 19.26% economic interest and a 51.79% voting interest. Embratel offers a full range of telecom services across Brazil, including local and long distance telephony, advanced voice, high-speed data transmission, Internet, satellite data communications, and corporate networks. Its nationwide fiber network extends approximately 29,000 km. http://www.embratel.net.br