Telefonica bags Colombia Telecom prize

10 Apr 2006

According to Reuters Spain’s Telefonica will pay COP853.6 billion (USD369 million) for control of Colombia Telecom. Telefonica outbid CANTV and Telmex for the 50% plus one stake. Telmex had previously agreed a deal to buy the company for USD350 million, but the government withdrew from negotiations in September 2005 after its auditor said it could get a better price.