Telefonica to strengthen Latin America presence

Telefonica to strengthen Latin America presence

Telefonica, the world’s sixth largest telecommunications company, has reached an agreement with BellSouth to acquire all its cellular assets in Latin America, which have a total of more than 10.5 million customers.

With the transaction, still subject to due diligence and the pertinent regulatory and governmental approvals, Telefonica will strengthen its presence in Latin America, where it manages 21.6 million fixed lines and nearly 41 million wireless customers.

Telefonica’s executive chairman Cesar Alierta expressed his satisfaction over the agreement, saying, “it is in line with the Company’s policy of profitable growth, it creates shareholder value and adds a new potential market of nearly 90 million customers for the Group.”

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