The US telco BellSouth has reached an agreement with Grupo Cisneros, the other shareholder in the Venezuelan mobile operator Telcel BellSouth, which will settle all claims between the parties. In a filing with the SEC, BellSouth says it will pay Grupo Cisneros USD617 million for the 21.8% stake in Telcel that it does not already own. This charge includes the USD165 million that BellSouth had already announced it was paying for a 11.1% share of the cellco, plus a USD189 million payment for the remaining 10.7% stake. Telcel, which had 3.7 million customers by mid-2004, is one of ten Latin American mobile units which BellSouth is selling to Telefónica of Spain for an estimated USD6 billion.
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