AOL Latin America Receives $150 Million in Added Funding

America Online Latin America (AOLA Quote) said Tuesday that it finalized the terms of a $150 million funding package with America Online, the Cisneros Group and Banco Itau, the company's three principal stockholders.

America Online, a division of AOL Time Warner (AOL Quote), will buy $66.3 million of AOL Latin America's convertible preferred stock, and Cisneros Group will purchase $63.8 million of the preferred shares, for a total investment of $130.1 million. Both companies will pay for the stock in three installments.

On Monday, Banco Itau purchased $19.9 million of AOL Latin America's Class A common stock for $4.69 a share. America Online Latin America, which is based in Fort Lauderdale, Fla., offers AOL-branded Internet services in Brazil, Mexico and Argentina.

Shares of AOL Latin America gained 3 cents, or 0.7%, to $4.41 in recent Nasdaq trading.