TEF - Get Report) wireless unit, Telefonica Moviles ( TEM), will pay BellSouth $2.3 billion for its stake in mobile-phone operations in Colombia, Nicaragua, Peru, Uruguay and Venezuela. BellSouth is selling its interest in a total of 10 Latin American countries. Earlier this month, BellSouth closed the sale of its investments in Ecuador, Guatemala and Panama. The sale of Argentina and Chile interests is awaiting government approval. BellSouth expects to collect $4.9 billion from the sale of all 10 properties and says it plans to record an after-tax gain of $1.3 billion when all the transactions close, according to a SEC filing. SBC shares rose 22 cents to $25.57 and BellSouth's stock added 16 cents to $26.74 in afternoon trading.