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Verizon Communications Completes the Sale of Its Interest in Puerto Rico TelephoneNews Release
March 30, 2007 –
NEW YORK - Verizon Communications Inc. (NYSE:VZ) today closed on the sale of its interest in Telecomunicaciones de Puerto Rico, Inc. (TELPRI) to a subsidiary of América Móvil, S.A.B. de C.V. (NYSE:AMX). The buyer purchased 100 percent of TELPRI, the holding company of Puerto Rico Telephone Company (PRT), including Verizon's 52 percent interest. The other shareholders were the Puerto Rico Telephone Authority, which owned 28 percent; Popular, Inc., 13 percent; and the company's employee stock ownership plan, 7 percent. The transaction previously received the approval of the Federal Communications Commission.
PRT provides telecommunications services to more than 1 million residential and business customers and to more than 550,000 wireless customers under the Verizon Wireless brand.
The transaction was announced in April 2006, when Verizon also announced the execution of separate definitive agreements to sell its interests in Latin America and the Caribbean, including an indirect interest in Verizon Dominicana to América Móvil. The sale of Verizon's interests in Verizon Dominicana closed on December 1, 2006. Verizon agreed in February, 2007, to participate in a tender offer by the Bolivarian Republic of Venezuela for shares of Compañia Anónima Nacional Teléfonos de Venezuela (NYSE:VNT).
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 59 million customers nationwide. Verizon's Wireline operations include Verizon Business, which operates one of the most expansive wholly owned global IP networks, and Verizon Telecom, which is deploying the nation's most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. A Dow 30 company, Verizon has a diverse workforce of approximately 242,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.