Telefonos de Mexico to purchase assets of AT&T Latin America

Chicago, Oct. 24 - Telefonos de Mexico SA de CV said it has been selected as the highest bidder in an auction for all of the assets of AT&T Latin America Corp. and entered into an agreement to purchase the assets.

The transaction is subject to the approval of the U.S. Bankruptcy Court for the Southern District of Florida, which is administering AT&T Latin America Corp.'s bankruptcy proceedings, and the satisfaction of customary closing conditions.

A hearing to approve the agreement is scheduled to take place on Nov. 3 in Miami.

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