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  • Verizon Sells Caribbean, Latin Telecoms for $3.7B
Apr 2006
NEW YORK, April 3, 2006 -- Verizon Communications Inc. today announced that it has agreed to sell its Caribbean and Latin American telecommunications operations in three separate transactions to America Movil, S.A. de C.V., a wireless service provider throughout Latin America, and a company owned jointly by Telefonos de Mexico (Telmex), a Mexico-based telecommunications company, and America Movil. The transactions total approximately $3.7 billion.

Verizon has agreed to sell its interests in telecommunications providers in the Dominican Republic, Puerto Rico and Venezuela. Verizon owns 100 percent of Verizon Dominicana, a 52 percent interest in Telecomunicaciones de Puerto Rico Inc. (Puerto Rico Telephone) and a 28.5 percent interest in Compania Anonima Nacional Telefonos de Venezuela (CANTV). The three properties serve a combined total of more than 15 million wireless, wireline and broadband customers in the three countries and have approximately 17,000 employees.

America Movil has agreed to buy Verizon's interest in Verizon Dominicana, which serves 2.7 million customers, as well as Verizon's stake in Puerto Rico Telephone, which serves 1.6 million customers and is headquartered in San Juan. An entity jointly owned by America Movil and Telmex will buy Verizon's indirect interest in CANTV, which is based in Caracas.
Each transaction is subject to separate regulatory approvals in the various jurisdictions. Each proposed sale is a separate transaction, and none of the sales is contingent on the closing of any of the other transactions, Verizon said.

Verizon Chairman and CEO Ivan Seidenberg said the companies have had solid financial performances over the years, but are now a very small part of its revenue base and are "less aligned with our core business focus and future growth."

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