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Mexican Government Authorizes New Grupo Iusacell Structure
February 13, 1997
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PHILADELPHIA AND MEXICO CITY - Grupo Iusa and
Bell Atlantic (NYSE:BEL)
today announced that the Mexican government has issued all
authorizations necessary to enable Bell Atlantic to assume management
control of Grupo Iusacell.
Bell Atlantic and Grupo Iusa, which reached an agreement in
principle
regarding the change of control on November 26, 1996, expect to close
the transaction within the next week.
The agreement will not change the relative economic ownership
structure of Grupo Iusacell. Grupo Iusa, through the Peralta family,
will continue to own 48 percent, Bell Atlantic will continue to own
approximately 42 percent, with the remaining 10 percent publicly
traded.
"We are grateful to the Mexican government for its support and
confidence in Grupo Iusacell and Bell Atlantic," said Bell Atlantic
Vice Chairman Lawrence T.
Babbio. "This new structure, once it is
finalized, will further position Grupo Iusacell as a formidable
competitor in the new Mexican telecommunications marketplace."
Grupo Iusacell is the Mexican telecommunications company whose
cellular division serves four of Mexico's nine regions in the central
portion of the country, including Mixico City, covering 65 million
people, 70 percent of the country's total population. Grupo Iusacell
provides business communications services, frame relay, private
digital networks, video conferencing, business telephone systems, data
transmission, satellite communications, "last mile"
connections,
nationwide paging, and public telephone, local, and long distance
services.
Bell Atlantic Corporation is at the
forefront of
the new communications, entertainment and information industry. In the
mid-East Coast region of the United States, the company is the premier
provider of local telecommunications and advanced services. Globally,
it is one of the largest investors in the high-growth wireless
communications marketplace. Bell Atlantic also owns a substantial
interest in Telecom Corporation of New Zealand and is actively
developing high-growth business opportunities in the US and
internationally in all phases of the industry.
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