Verizon Completes the Sale of Its Interest in Verizon Dominicana

By Johanne Torres

TMCnet Contributing Editor

 

Verizon (News - Alert) Communications announced on Friday that it has closed the sale of Verizon Canada Holdings Corp. to a subsidiary of América Móvil. The move resulted on the buyer purchasing Verizon's interest in Verizon Dominicana.

 

Verizon Dominicana serves more than 2.7 million wireless, wireline and broadband customers in the Dominican Republic as its telecom provider. According to Verizon's news release, the transaction has received the approval of the Dominican Telecommunications Institute (Indotel).

 

This transaction comes on the heels of Verizon's agreements to sell its interests in Telecomunicaciones de Puerto Rico (Puerto Rico Telephone) and Compañia Anónima Nacional Teléfonos de Venezuela to América Móvil and a company owned jointly by Teléfonos de México and América Móvil. These sales are proceeding.

 

Verizon had announced in April that it would sell its Caribbean and Latin American telecom operations in three separate transactions. The deals were reportedly valued in a whopping US$3.7 million in cash. Verizon had owned 100 percent of Verizon Dominicana, a 52 percent interest in Puerto Rico Telephone and a 28.5 percent interest in Compañía Anómina Nacional Teléfonos de Venezuela.

 

These three companies offer wired, wireless and broadband services to more than 15 million customers and currently staff more than 17,000 employees.