April 3, 2006
Teléfonos de México, S.A. de C.V. and América Móvil, S.A. de C.V. announce agreement with Verizon Communications, Inc. to acquire Verizon’s equity interest in Compañía Anónima Nacional Teléfonos de Venezuela.
On April 3, Teléfonos de México, S.A. de C.V. (Telmex) and América Móvil, S.A. de C.V. announced that via an equally-owned joint venture they have entered into an agreement with Verizon Communications, Inc. to acquire Verizon’s equity interest in Venezuelan Phone Company Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) for $676.6 million in cash. The joint venture will acquire Verizon’s equity stake in CANTV indirectly through the purchase of a Verizon subsidiary holding company that holds all the CANTV ordinary shares and American Depositary Shares owned by Verizon. Verizon’s equity stake in CANTV represents approximately 28.51% of the outstanding capital stock of CANTV. CANTV is the leading provider of telecommunications services in Venezuela with over 3.1 million wireline subscribers and over 5.1 million wireless subscribers. The deal was handled by Willkie partners David Boston and William Gump, and associates Thomas Mark and Benjamin Levy.
