The lone U.S. company left in Latin America is selling out. Verizon Communications has agreed to sell its interests in phone providers in the Dominican Republic, Puerto Rico and Venezuela to America Movil and sister company Telmex for $3.7 billion. The sale follows similar moves from American companies during the last couple of years, including BellSouth's sale of its Latin American assets to Telefonica and Cingular's sale of its Caribbean assets to Digicel. U.S. telecom operators have decided to focus on domestic operations, and Telefonica and America Movil have been the eager recipients. We know Verizon could use the funds to continue its push to gain more control of Verizon Wireless from partner Vodafone.
For more information about Verizon's sale of its Latin American assets:
- read this release from the company