MEMBERS OF GTE-LED VENEZUELAN TELEPHONE-COMPANY CONSORTIUM FINALIZE PARTICIPATION
MEMBERS OF GTE-LED VENEZUELAN TELEPHONE-COMPANY
CONSORTIUM FINALIZE PARTICIPATION
MIAMI, Nov. 21 /PRNewswire/ -- Membership and equity participation in the GTE-led consortium that won a major telecommunications privatization opportunity in Venezuela last week were finalized here today in a meeting of the consortium members.
GTE, which submitted the winning bid for 40 percent ownership of Compania Anonima Nacional Telefonos de Venezuela (CANTV), will own 51 percent of the consortium's interests. GTE will convey its partners' share percentages to the Venezuelan government next week.
As previously announced, the other equity partners in the consortium are: AT&T International Inc.; T.I. Telefonica Internacional de Espana, S.A. (Spain); C.A. La Electricidad de Caracas, S.A.I.C.A.-S.A.C.A (Venezuela); and, Consorcio Inversionista Mercantil Cima, C.A., S.A.C.A. (Venezuela).
"The growth potential and business opportunities in Venezuela are significant," said James L. "Rocky" Johnson, chairman and chief executive officer of GTE. "Each of the consortium's members is excited about the opportunity to transform CANTV into the premiere telecommunications company in Latin America. Our collective experience and expertise will translate into a dramatically improved availability and quality of new services for the people of Venezuela."
/CONTACT: Harvey W. Greisman of GTE, 203-965-2903, or after 6 p.m., 203-226-7661/
(GTE) CO: GTE Corporation ST: Connecticut IN: TLS SU: JT -- NY033 -- 5803 11/21/91 10:36 EST