BellSouth settles in Venezuela

22 Oct 2004

The US telco BellSouth has reached an agreement with Grupo Cisneros, the other shareholder in the Venezuelan mobile operator Telcel BellSouth, which will settle all claims between the parties. In a filing with the SEC, BellSouth says it will pay Grupo Cisneros USD617 million for the 21.8% stake in Telcel that it does not already own. This charge includes the USD165 million that BellSouth had already announced it was paying for a 11.1% share of the cellco, plus a USD189 million payment for the remaining 10.7% stake. Telcel, which had 3.7 million customers by mid-2004, is one of ten Latin American mobile units which BellSouth is selling to Telefónica of Spain for an estimated USD6 billion.

Venezuela, Movistar Venezuela