Telmex has completed its acquisition of MCI's equity stake in Brazilian telecommunications provider Embratel Participacoes

July 23, 2004

1 Min Read

ASHBURN, Va. and MEXICO CITY -- MCI, Inc. (NASDAQ:MCIP - News) and Telefonos de Mexico, S.A. de C.V. (NYSE:TMX - News; NASDAQ:TFONY - News) today announced that TELMEX has completed its acquisition of MCI's equity stake in Brazilian telecommunications provider Embratel Participacoes (NYSE:EMT - News). Under the sale agreement announced on March 15, 2004 and subsequently amended, TELMEX paid an aggregate of U.S. $400 million cash for MCI's 19.26 percent economic interest and 51.79 percent voting interest in Embratel.

"This sale brings MCI the best of both worlds, helping us maximize our focus on core operations while enabling us to continue to serve our customers," said Jonathan Crane, MCI president of international and chief strategy officer. "As an integral part of our global strategy, MCI continues to deploy new technologies and services to our business customers in South America."

Jaime Chico Pardo, CEO of TELMEX, said, "the acquisition of Embratel not only reinforces our international strategy but also enables us to expand our synergies in the region and our offering of state-of-the-art telecommunications products and services on the continent. We have made a long-term commitment to the region and our investments there, and we are confident that TELMEX will play an important part in its telecommunications growth."

Teléfonos de México

MCI Inc.

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