BellSouth and Telefonica Moviles Complete Transfer of Operations in Chile
January 07 2005 - 3:16PM
PR Newswire (US)
BellSouth and Telefonica Moviles Complete Transfer of Operations in
Chile -- Brings total operations transferred to nine -- ATLANTA,
Jan. 7 /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 Chile. Telefonica Moviles has taken control
of the operations of this property, effective immediately.
BellSouth will receive $406 million for its interest in the Chilean
property and will recognize an after-tax gain of approximately $55
to 65 million, or approximately .03 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. 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 Corporation CONTACT: Brent Fowler, Media
Relations of BellSouth, +1-404-249-2839, or Web site:
http://www.bellsouth.com/ Company News On-Call:
http://www.prnewswire.com/comp/095650.html
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