Thursday, March 29, 2007

Verizon Sells Stake in Puerto Rico Telephone

Verizon closed on the sale of its 52% interest in Telecomunicaciones de Puerto Rico (TELPRI) to a subsidiary of America Movil. The buyer purchased 100% percent of TELPRI, including the other shares held by the Puerto Rico Telephone Authority, which owned 28 percent; Popular,13 percent; and the company's employee stock ownership plan, 7 percent.

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.