TEM completes 8 out of 10 BellSouth acquisitions

1 Nov 2004

TEM has completed the purchase of an additional five of BellSouth’s Latin American assets, closing deals in Colombia, Nicaragua, Peru, Uruguay and Venezuela for a combined USD2.67 billion. TEM now has control of 100% of all of these units except BellSouth Peru, in which it has a 97.43% stake. The last two remaining purchases – in Chile and Argentina – are taking longer thanks to TEM’s existing presence in the market, necessitating the involvement of competition authorities. TEM nevertheless expects them to close by the end of the year.