BellSouth Signs Definitive Agreement to Sell Its Latin America Operations to Telefonica Moviles
2004年3月8日 - 4:00PM
PRニュース・ワイアー (英語)
BellSouth Signs Definitive Agreement to Sell Its Latin America
Operations to Telefonica Moviles - BellSouth to receive $4.2
billion in cash ATLANTA, March 8 /PRNewswire-FirstCall/ --
BellSouth Corp. has signed a definitive agreement with Telefonica
Moviles, the wireless affiliate of Telefonica, S.A. to sell its
interests in its 10 Latin American operations. The purchase price
is based on a total enterprise value of the 10 Latin American
companies of $5.85 billion. BellSouth will receive after taxcash
proceeds of approximately $4.2 billion and reduce consolidated debt
by $1.5 billion. BellSouth and its partners operate 10 wireless
companies in Latin America (Argentina, Chile, Colombia, Ecuador,
Guatemala, Nicaragua, Panama, Peru, Uruguay and Venezuela).
Telefonica has operations in seven Latin American countries
(Brazil, Mexico, Argentina, Peru, Chile, El Salvador and
Guatemala). With the acquisition, Telefonica will add six
additional countries to its footprint and 10.5 million new
customers. According to Duane Ackerman, Chairman and CEO of
BellSouth, "the sale of our Latin American operations enables us to
continue to strengthen our domestic businesses. This transaction
improves our flexibility as we focus on our growth opportunities."
The transaction is subject to due diligence, governmental approvals
and other closing conditions. It is expected to close in stages as
closing conditions are satisfied, with the final closing expected
to occur in the second half of 2004. BellSouth expects to record a
gain on the transaction based on the book value at closing. Based
on current book value, the after-tax gain would be approximately
$1.9 billion. About BellSouth Corporation BellSouth Corporation is
a Fortune 100 communications services company headquartered in
Atlanta, Georgia. BellSouth serves nearly 50 million local, long
distance, Internet and wireless customers in the United States and
12 other countries. Consistently recognized for customer
satisfaction, BellSouth provides complete communications solutions
to the residential and business markets. In the residential market,
BellSouth offers DSL high-speed Internet access and long distance,
advanced voice features and other services. The company's BellSouth
Answers(SM) package combines local and long distance service with
an array of calling features; wireless data, voice and e-mail
services; and high-speed DSL or dial-up Internet service and
Cingular Wireless. In the business market, BellSouth serves small,
medium and large businesses providing secure, reliable local and
long distance voice and data networking solutions. BellSouth also
provides online and directory advertising services through
BellSouth(R) RealPages.com(SM) and The Real Yellow Pages(R).
BellSouth owns 40 percent of Cingular Wireless, the nation's second
largest wireless company, which provides innovative wireless voice
and data services. In addition to historical information, this
document may contain forward-looking statements regarding eventsand
financial trends. Factors that could affect future results and
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements include: (i)
a change in economic conditions in domestic or international
markets where we operate or have material investments which would
affect demand for our services; (ii) currency devaluations and
continued economic weakness in certain international markets in
which we operate or have material investments; (iii) the intensity
of competitive activity and its resulting impact on pricing
strategies and new product offerings; (iv) higher than anticipated
cash requirements for investments, new business initiatives and
acquisitions; (v) unfavorable regulatory actions and(vi) those
factors contained in the Company's periodic reports filed with the
SEC. The forward-looking information in this document is given as
of this date only, and, BellSouth assumes no duty to update this
information. DATASOURCE: BellSouth Corp. CONTACT: Jeff Battcher of
BellSouth Corporation, +1-404-249-2793, or , or Maria Schnabel of
BellSouth International, +1-404-249-4877, or Web site:
http://www.bellsouth.com/ Company News On-Call:
http://www.prnewswire.com/comp/095650.html
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