Telefonica To Sell 14.5% Stake In Infonet To BT >TEF

Yahoo! Australia & NZ Finance Financial News

Monday 8 November 9:49 PM

Telefonica To Sell 14.5% Stake In Infonet To BT >TEF

DJ Telefonica To Sell 14.5% Stake In Infonet To BT >TEF

MADRID (Dow Jones)--Telefonica SA (TEF), the largest telecommunications company in Spain and Latin America, said Monday it's selling its 14.5% stake in Infonet Services Corp. (IN) to BT Group PLC (BTY) for $140 million.

In a deal announced earlier Monday, BT will pay GBP520 million to buy California-based Infonet, or GBP310 million when the acquired company's cash is stripped out.

The transaction is subject to regulatory approval and is expected to be completed during the first half of 2005.

Infonet is a global provider of voice and data communications solutions.

Besides Telefonica, Royal KPN NV (KPN), Telstra Corp. Ltd. (TLS), Swisscom AG (SCM) and Teliasonera AB (TLSN.SK) are also selling stakes in Infonet.

Company Web site: http://www.telefonica.es

-By David Roman, Dow Jones Newswires, 34 913958125, david.roman@dowjones.com

Later Story:	Asia DRAM Report:Cheaper PC Parts, Better Christmas Buys (Dow Jones)
Earlier Story:	Thai TT&T 3Q Loss THB318.5M VS Net THB735.6M >TT&T.TH (Dow Jones)