Verizon Communications plans to sell its Latin American operations for $3.7 billion to Mexican billionaire Carlos Slim Helu

Verizon Communications, the second largest US telephone company, has agreed to sell its Latin American operations for $3.7 billion to Mexican billionaire Carlos Slim Helu, owner of America Movil, Latin America’s leading wireless service provider. The properties include Verizon’s 100 per cent stake of Verizon Dominicana in the Dominican Republic, a 52 per cent interest in Telecomunicaciones de Puerto Rico, and a 28.5 per cent interest in Compania Anonima Nacional Telefonos de Venezuela. The acquisitions will take place in three separate transactions by America Movil and Telefonos de Mexico.