Venezuela Completes CANTV Nationalization

Venezuela now has control of 86% of national broadcaster CANTV after completing the tender offer process which was launched to carry out the company’s nationalization. Earlier this year, Venezuela paid $572.2 million to US telco Verizon for its 28.5% stake in CANTV as part of the nationalization program, which added to the 6.5% the state already owned and took the total government holding to 35%. The state offered 4,560.43 bolívares ($2.12) per local share and $14.85 per ADS.