Bolivia orders nationalization of telecom Entel
LA PAZ, Bolivia (AP) — President Evo Morales says he is nationalizing the leading Bolivian telecom company, Entel, which is a subsidiary of Telecom Italia SpA.
Morales announced plans to buy back a majority of the former state company last year, but negotiations with Telecom Italia have dragged out. Terms of Thursday's nationalization announcement are not immediately clear.
Bolivia privatized Entel in 1995 and handed 50 percent of the company to Stet International in exchange for the Italian company's promise to invest $608 million to improve service. Stet later merged with Telecom Italia.