Mexican acquisition for Telefonica - News in Brief - Brief Article

Telecommunications International, August, 2002

Telefonica has received clearance from the Mexican anti-trust authority (COFE-CO) to acquire a 65 per cent stake in Pegaso PCS, a Mexican mobile operator. It was in May this year that Telefonica signed an agreement with Grupo Pegaso to purchase shares from Sprint, Leap Wireless and other non-Mexican financial investors for US$87 m ([euro]86 m).

Grupo Pageso is a private group that participates in the Mexican economy through different companies (one being Pegaso PCS). Grupo Pageso will maintain its 35 per cent stake in Pegaso PCS and act as strategic partner to Telefonica with 'its broad knowledge of the Mexican market'.