Phone home.Telvenco, a conglomerate controlled by Venezuelan magnate Oswaldo Cisneros, said it will buy for US$425 million Digitel, a Venezuelan wireless telephone company, from Telecom Italia's Venezuelan unit TIM TIM Timothy TIM Technical Interchange Meeting TIM Transient Intermodulation Distortion TIM Time Is Money TIM The Invisible Man (movie) TIM Telecom Italia Mobile (Italian cellular provider) International. Cisneros is the founder of Telcel, a mobile phone company now known as Movistar, a unit of Spain's Telefonica. Regulators must approve the sale that would bring Cisneros back into the Venezuelan wireless market. The Italian utility has been trying to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. the asset, and in 2004 it announced plans to sell the company to CANTV CANTV Compañía Anónima Nacional Teléfonos de Venezuela , a Venezuelan telecommunications company See telecom company. . Regulators, however, rejected the deal in May of last year. |
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