TEM completes acquisition of three of BellSouth’s Latino cellcos

19 Oct 2004

Telefonica Moviles (TEM) has completed its purchase of Bellsouth’s wireless assets in Ecuador, Guatemala and Panama for USD1.67 billion. The acquisitions form part of a larger USD5.9 billion deal, agreed in March, for the purchase of BellSouth’s entire Latin American portfolio which comprises some 12.5 million customers in ten countries. In Ecuador the purchase makes TEM the second largest player in the market, with a customer base of over a million at June 2004, while in Guatemala the amalgam of Telefonica Moviles and BellSouth operations will give the company a combined customer base of 567,000. In Panama the acquisition adds 502,000 customers to TEM’s total.