Ministry approves BellSouth sale to TEM
Bnamericas Published: Saturday, August 07, 2004
Colombia's trade and industry ministry SIC has approved the sale of mobile operator BellSouth Colombia to Spain's Telefónica Móviles (NYSE: TEM), local press reported. BellSouth Colombia is one of 10 operators which BellSouth (NYSE: BLS) is selling to TEM in a US$5.85bn deal announced March. The other nine operations are in Chile, Argentina, Peru, Uruguay, Ecuador, Venezuela, Guatemala, Nicaragua and Panama. BellSouth has a 66% stake in the Colombian operation and it remains to be seen whether TEM will buy the other shareholders' stakes. In Argentina, Peru, Chile and Guatemala, TEM already has a presence, which in most cases is causing the authorities to take longer to study the consequences. In Colombia TEM is expected to rebrand BellSouth to Telefónica Movistar, completing the changeover during September or October.
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