FCC delays decision over Verizon’s PRT stake

26 Mar 2007

The US telecoms regulator, the FCC, has reportedly postponed a decision on whether to allow América Móvil to acquire Verizon’s 52% stake in Puerto Rico Telephone Company (PRT) for USD939 million, writes BNamericas citing local newspaper El Nuevo Día. The report states that differences in opinion between commissioners on sale conditions are responsible for the delay, but that Puerto Rican telecoms officials are still optimistic that a decision will be made in the near future. The remaining 48% is also likely to fall into América Móvil’s hands: the Puerto Rican government (which owns a 28% share of PRT), the country’s central bank (11%), and company employees (9%) have all agreed to sell their stakes to the Mexican holding company for USD500 million, USD234 million and USD162 million respectively.