BUENOS AIRES, Argentina-AT&T Corporation signed a letter of intention with the Southern Cross investment fund to sell its 69 percent of AT&T Latin America for the symbolic sum of US$1,000. It also announced it transferred a loss to the forementioned affiliate, of a total of US$1.1 billion. This fund has its headquarters in the United States, and its president is Argentine Norberto Morita.
The agreement establishes that the US$1.04 billion debt will be redistributed between the investment fund, which will take responsibility of US$440 million, while AT&T will assume responsibility for US$603 million. AT&T is undertaking an ambitious telecommunications project in Latin America.
By signing the definitive agreement before 15 April, the majority stockholder of AT&T Latin America will be Southern Cross with 69 percent of the stocks, 27 percent will be traded on Nasdaq and the leftover 4 percent will belong to private shareholders.
AT&T Latin America operates on its own fibre optic network with wireless in the last mile in various locations. In Argentina, for example, it offers its services over the 10.5 GHz and 28 GHz frequencies. It provides services and integrated communications solutions on broadband to companies in Argentina, Brazil, Chile, Colombia and Per
