Vnerizon Communicatios sells off their Caribbean and Latin America operations

US based second largest domestic provider of telephony services, Verizon Communications Inc. has confirmed that they are going to sell their Caribbean and Latin America operations to America Movil SA.

This deal would be worth around $3.7 billion. Verizon serves more than 15 million wireless, wireline and broadband customers in these countries and have around 17000 people on their rolls.

This confirmation came through a press release from the company as they took the advice from the Lehman Brothers Inc. for this deal. Verizon as a result would get away from markets like Dominican Republic, Puerto Rico, and Venezuela as part of a plan to concentrate on its U.S. operations.

The company added in the statement that their operations in these regions represent a small part of its revenue base and is no longer part of the company’s core business focus.