Chile Entel Sells Up In US

Meanwhile Chilean mobile telecoms company Entel says it has agreed to sell its US long-distance subsidiary Americatel USA, valued at $62 million, to US private investment firm Platinum Equity. Entel will receive $49.6 million in cash (minus any company debt) in return for 80% of Americatel’s stock. Entel has reportedly been trying to sell Americatel for some time in the face of strong competition in the US market. The sale of the unit means that Entel no longer has any interests in the US.