Wanted: struggling fixed line incumbent seeks investor with deep pockets

31 Mar 2009

Colombian wireline operator Empresa de Telecomunicaciones de Bogota (ETB) is looking for an investor willing to buy a 49.9% stake in the company. According to a report by Dow Jones, ETB’s CFO Mario Contreras has said the sale is open to all investors willing to invest money into the company, under the condition that the city of Bogota keeps the majority stake. ETB’s initiative follows advice from Banco Santander, which has been retained to assist in the privatisation. The bank hopes to have valued the company by mid-year. According to TeleGeography’s GlobalComms database the state currently owns 86.63% of ETB via the municipality of Bogota. Universidad Distrital owns 1.77%, with the remainder distributed share ownership. The UK’s BT Group, CANTV of Venezuela, Brasil Telecom (BrT) and local telcos Telefonica Telecom and Telmex Colombia have all expressed an interest in becoming the strategic partner of ETB.

Colombia, Empresa de Telecomunicaciones de Bogota (ETB)