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Venezuela's securities regulator CNV has authorized the country's telecoms ministry to launch the process to acquire Cantv's outstanding class D common shares, the national IT institute CNTI said in a statement.
CNV also lifted the suspension of Cantv trading, which went into effect on March 9.
In the offer in Venezuela, the government will purchase any and all of Cantv's outstanding class D chares not already owned by the state. For each share, the government will pay the local currency equivalent of US$1.61.
In a separate but concurrent offer, in the US, the government will purchase any and all of the operator's outstanding ADSs not already owned by the state. For each ADS, the government will pay US$11.27.
The government of Venezuela nationalized Cantv in May 2007.