Chilean fixed line operator GTD has agreed to acquire a 74.43 percent stake in its counterpart in the south of the country, Telefonica del Sur (Telsur), for USD 115.5 million. The stake is being sold by Quinenco, a financial and industrial conglomerate controlled by the Luksic family. GTD must now launch a 30-day public share offering at the same price, CLP 341.5 per share, for the remainder of Telsur before 16 December. This price is a 10.6 percent premium to the market price. Pension funds hold 15 percent of Telsur and its minority shareholders include Mexican operator Telmex, with 4.1 percent. If it manages to buy all outstanding shares GTD will pay over USD 155 million for Telsur. Telsur has around 300,000 telephony, internet and digital TV customers. GTD said the acquisition woul allow it to expand its geographical coverage. The two companies will have a combined customer base of 480,000 subscribers.
