Telmex to Buy Out Sprint's TSC Stake
Bnamericas Published: Wednesday, May 05, 1999
Mexican telecommunications company Telmex (NYSE: TMX) will buy out US-based Sprint Communications' 50% stake in their 50-50 joint venture Telmex-Sprint Communications LLC (TSC), formed in August 1998 to market long distance service to American Hispanics, Telmex announced yesterday. The companies did not disclose how much Telmex would pay, but analysts expected the buyout to cost some US$80mn. Telmex said it would continue running TSC and offer long-distance service between the US and Mexico and other international destinations. Although the results of the TSC alliance were satisfactory both parties felt the split would allow greater flexibility to expand in the Latin American telecommunications market, Telmex international affairs VP Roberto Rodriguez said. The Sprint-Telmex split came one day after US Baby Bell operator SBC Communications and Telmex expanded their relationship, agreeing to pay US$814mn for Cellular Communications of Puerto Rico.
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