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March 3, 1994

TELEFONICA DE ESPANA CONSORTIUM WINS PERUVIAN GOVERNMENT’S SHARES

By CBR Staff Writer

The consortium led by Telefonica de Espana SpA was the winner of the bidding for the Peruvian government’s shares in those two telephone companies with its offer of over $2,000m: the consortium comprises Telefonica and three Peruvian companies; it outbid two other groups, one led by GTE Corp with two Brazilian partners, the other including Southwestern Bell Corp, Korea Telecom, Daewoo Telecom Ltd and others; the consortium gets the government’s 35% stake in Compania de Telefonos and 35% of its 100% holding in Entel Peru SA; the rest of the shares in the latter will be held in trust and sold gradually; the winner gets a five-year monopoly on fixed telephone lines and long distance service but will be required to lay 1.5m new lines at an estimated cost of $1,500m; the growth potential that created the unusual attraction is underlined by the fact that Peru currently has just 2.6 telephones per 100 inhabitants, Reuter reports from Lima.

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