BellSouth and Telefonica Moviles Complete Transfer of Operations in Argentina
January 11 2005 - 1:19PM
PR Newswire (US)
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
Copyright
Telefonica Moviles (NYSE:TEM)
Historical Stock Chart
From Jul 2024 to Aug 2024
Telefonica Moviles (NYSE:TEM)
Historical Stock Chart
From Aug 2023 to Aug 2024