Spain's Telefonica to expand in Chile

May 19, 2004 at 1:17 PM
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MADRID, May 19 (UPI) -- Spain's Telefonica Moviles said Wednesday it will acquire the mobile phone unit of Chile's leading phone company for $1 billion.

Compania de Telecommunicaciones de Chile is the country's largest phone carrier, and by buying its cell phone operations, Telefonica Moviles will be able to expand further into the Latin American market.

Moviles will be assuming $243 million of the debts held by CTC's mobile phone operation, Telefonica Movil de Chile. The deal must, however, be approved by CTC's shareholders.

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