Telmex Continues Buying Spree

Telefonos de Mexico, Latin America’s biggest fixed-line telephone company, agreed to buy a majority stake in Colombia Telecomunicaciones from the Colombian government for $350 million. Telmex, controlled by tycoon Carlos Slim, will pay cash and stock for 50 percent plus one share of Colombia Telecom. Earlier this month Slim spent $1 billion to buy cellular carriers in Chile and Peru.