BellSouth Sells Latin Amer Operations To Telefonica Moviles

ATLANTA -(Dow Jones)- BellSouth Corp. (BLS) completed the $2.5 billion sale of its stake in wireless operations in five Latin American countries to Telefonica Moviles SA (TEM) and as a result, BellSouth will book a fourth-quarter gain of $385 million or 21 cents a share..

Communications company BellSouth sold its ownership interests in wireless operations in Colombia, Nicaragua, Peru, Uruguay and Venezuela.

Some 29 analysts surveyed by Thomson First Call expect the communications giant to earn, on average, 45 cents a share in the fourth quarter, down from 51 cents a share a year ago.

Telefonica Moviles is a Spanish wireless communications company based in Madrid. It is the wireless affiliate of Spanish telecommunications operator Telefonica SA (TEF), also of Madrid.

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Posted to the site on 28th October 2004