Telefónica Móviles gets green light to acquire Telcel shares

27 Oct 2004

Telefónica Móviles has been granted permission to acquire BellSouth’s stake in local mobile operator Telcel from the country’s telecoms regulator, Conatel. The deal was ratified after Venezuela’s anti-monopoly body Pro-Competenica approved the purchase, subject to the Spanish company fulfilling certain pre-conditions. The restrictions bar the Spanish company, or any of its representatives or affiliates, from acquiring more than 10% of national operator CANTV, or from participating on the telco’s board at any executive management level. Moreover, Telefónica Móviles must notify Conatel of any changes in its technology that could affect services provided by Telcel.