Telefonica Moviles (NYSE:TEM)
Historical Stock Chart
From Nov 2019 to Nov 2024
BellSouth and Telefonica Moviles Complete Transfer of Operations
in Argentina
-- All 10 Latin American Operations Now Transferred --
ATLANTA, Jan. 11 /PRNewswire-FirstCall/ -- BellSouth Corporation (NYSE:BLS)
and Telefonica Moviles S.A. (NYSE:TEM), the wireless affiliate of Telefonica,
S.A. (NYSE:TEF), announced today that the two companies have completed the
transfer of BellSouth's wireless operations ownership interest in Argentina.
Telefonica Moviles has taken control of the operations of this property,
effective immediately. The transfer of all BellSouth ownership interests in
Latin America is now complete.
BellSouth will receive $674 million for its interest in Argentina and will
recognize an after-tax gain of approximately $330 to $340 million, or
approximately 18 cents per share, in the first quarter of 2005.
The two companies announced in March 2004 that they had reached a definitive
agreement for BellSouth to sell its interests in 10 Latin American operations
to Telefonica Moviles. The agreement provided a purchase price based on total
enterprise value of $5.85 billion. As previously announced, BellSouth sold its
interest in the operations in Ecuador, Guatemala and Panama on October 14, 2004
and Colombia, Nicaragua, Peru, Uruguay and Venezuela on October 28, 2004.
Subsequently, BellSouth sold its interest in Chile on January 7, 2005.
About BellSouth Corporation
BellSouth Corporation is a Fortune 100 communications company headquartered in
Atlanta, Georgia and a parent company of Cingular Wireless, the nation's
largest wireless voice and data provider.
Backed by award winning customer service, BellSouth offers the most
comprehensive and innovative package of voice and data services available in
the market. Through BellSouth Answers(R), residential and small business
customers can bundle their local and long distance service with dial up and
high speed DSL Internet access, satellite television and Cingular(R) Wireless
service. For businesses, BellSouth provides secure, reliable local and long
distance voice and data networking solutions. BellSouth also offers online and
directory advertising through BellSouth(R) RealPages.com(R) and The Real Yellow
Pages(R).
More information about BellSouth can be found at http://www.bellsouth.com/ .
In addition to historical information, this document may contain forward-
looking statements regarding events and 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
CONTACT: Brent Fowler of BellSouth Media Relations, +1-404-249-2839, or
Web site: http://www.bellsouth.com/
Company News On-Call: http://www.prnewswire.com/comp/095650.html