
Verizon Selling Caribbean Assets
Verizon
(VZ) - Get Report
plans to raise $3.7 billion from the sale of its Caribbean assets in three nations.
The New York phone giant says it has agreed to sell its holdings in the Dominican Republic, Puerto Rico and Venezuela. Verizon owns Verizon Dominicana and it holds a 52% stake in Puerto Rico Telephone. The company also owns a 28.5% interest in
Compania Anonima Nacional Telefonos de Venezuela
(VNT)
.
The operations will be sold in three separate transactions to Latin American wireless telco
America Movil
(AMX) - Get Report
and to a company it owns jointly with
Telmex
(TMX)
.
Verizon has been looking to sell various phone properties to raise cash, help pay down debt and possibly acquire the remaining 45% stake in Verizon Wireless, which it owns with
Vodafone
(VOD) - Get Report
.
Verizon shares closed at $34.06 Friday.