updated 4/3/2006 10:19:06 AM ET 2006-04-03T14:19:06

Verizon Communications Inc. on Monday said it has agreed to sell its Caribbean and Latin American telecommunications operations to America Movil SA de CV and a unit jointly owned by Mexico's Telmex for $3.7 billion.

In three separate transactions, Verizon said it is selling telecommunications provider Verizon Dominicana in the Dominican Republic; divesting its 52 percent interest in Telecomunicaciones de Puerto Rico Inc. and selling a roughly 29 percent stake in Compania Anonima Nacional Telefonos de Venezuela.

Chairman and Chief Executive Ivan Seidenberg said the businesses "represent a small part of our revenue base that is less aligned with our core business focus and future growth."

America Movil, which provides wireless service throughout Latin America, acquires the Dominican Republic unit and stake in the Puerto Rico business under the deal. A company co-owned by America Movil and Mexico's Telefonos de Mexico is buying the Venezuela business.

Verizon said shareholders of Telecomunicaciones de Puerto Rico have the right to sell their shares to the buyer at essentially the same terms as Verizon. Meanwhile, the America Movil-Telmex joint venture has agreed to make a tender offer for all the remaining shares of the Venezuela telephone company.

Combined, the units serve about 15 million wireless, wireline and broadband customers in three countries and employ about 17,000 workers.

Each transaction is subject to separate regulatory approvals. Completion of the sales is not contingent on the closing of any of the other transactions, Verizon said.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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