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Telmex to invest US$50mn in former ATTL ops

Bnamericas
Mexico's Telmex (NYSE: TMX) plans to invest at least US$50mn this year in South American operations following the completion of the acquisition of assets from AT&T Latin America, local press quoted Telmex chief executive Jaime Chico Pardo as saying. With the acquisition Telmex has inherited metropolitan networks in Argentina, Brazil, Chile, Colombia and Peru. In a statement, Telmex's newly appointed South America manager Eduardo Diaz said the aim will be to double the size of those operations as quickly as possible. The company aims to win significant market share as Telmex is "not used to being a marginal competitor," he said. It will focus immediately on boosting revenues and profit margins, he added. Telmex paid US$207mn for AT&T Latin America, inheriting about 100,000 individual and 6,000 corporate clients. Sister company America Movil (NYSE: AMX) is already present in South America with operations in Argentina, Colombia and Brazil, as well as Ecuador.

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