Telefonica Has 150 Million Customers in Latin America

SANTANDER, Spain -(Dow Jones)- Telefonica has 150 million customers in Latin America, beating an estimate the company made last year, when it expected to reach the same customer base at the end of 2009, a senior company executive said Tuesday.

Telefonica has invested EUR83.20 billion ($120.8 billion) in the region between 1990 and 2007, the company's regional director for Latin America, Jose Maria Alvarez-Pallete, said at a telecommunications conference in northern Spain.

For the period between 2007 and 2010, Telefonica has earmarked an additional EUR14 billion to EUR16 billion for investment in the region.

"Latin America, with growth rates above 8% until 2010, is the region of the world where the telecommunications sector is likely to grow the most in the medium term," Alvarez-Pallete added.

Latin America's high-growth markets have become Telefonica's main engine for expansion as its core Spanish and European markets mature. The company's home Spanish market is also under pressure from tighter regulatory conditions and a slowdown in consumer spending.

Telefonica is Spain's largest telecommunications company by market capitalization and subscribers.

-By Jason Sinclair, Dow Jones Newswires; +34 91 395 81 27; jason.sinclair@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 2nd September 2008