Subject: [NEXTEL-1] BellSouth Agrees to Latin American Asset Sale to Telefonica BellSouth Corp.

From: Marcelrf <[email-masked]>
Date: Mon, 08 Mar 2004 14:58:21 -0500

3/8/04
BellSouth Agrees to Latin American Asset Sale to Telefonica

BellSouth Corp. accepted Telefonica's $5.8 billion bid to purchase 10 of
BellSouth’s Latin American operations. The acquisition will enable
Spain’s Telefonica to solidify its dominance in the rapidly growing
Latin American marketplace. Telefonica will acquire $1.5 billion in debt
and pay BellSouth Corp. $4.2 billion in cash. With the additional Latin
American assets, Telefonica expects to realize cost synergies, saving
the company approximately $1 billion annually. The acquisition will
boost Telefonica's subscriber base in Latin America by 10.5 million.
BellSouth Corp. said it was selling the assets so it could focus more
closely on its domestic business.  (Source: Reuters, New York Times /
AP, Forbes)

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