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Teléfonos de México SA de CV (Telmex) was formed in 1947 under private foreign ownership to acquire the Mexican telephone business of a wholly-owned subsidiary of Ericsson. In 1950, Telmex acquired the Mexican telephone business of a wholly-owned subsidiary of the International Telephone and Telegraph Company, which operated the only other national telephone network in Mexico at that time. In 1972, the Mexican federal government acquired the majority of Telmex's capital stock. In December 1990, the Mexican government sold shares representing voting control of Telmex. Shares were acquired by subsidiaries of SBC Communications, France Telecom, and Mexican conglomerate, Grupo Carso (owned by Carlos Slim Helú, Telmex's chairman). The Mexican government sold the balance of its shares in a series of transactions beginning in May 1991. Grupo Carso has acquired many of the shares in Telmex held by
minority investors, as well as those shares held by France Telecom, and currently holds its shares through a whollyowned holding company, known as Carso Global Telecom. This holding company has also acquired some Telmex shares from SBC under an agreement reached between the two companies in December 2000.
As of June 30, 2005, Carso Global Telecom (42.6%) and SBC International Inc (7.8%) were the major shareholders of Telmex. The remaining 49.5% of shares were held by other investors in Mexico and the public.
Telmex owns and operates the largest telecommunications system in Mexico, where it is the only nationwide provider of fixed-line telephony services and the leading provider of fixed local and long-distance telephone services. At the end of 2004, the company had over 17.2 million local and long-distance access lines in service. The company also provides other telecommunications and telecommunications-related services, such as corporate networks, Internet services, directory services, information network management, telephone equipment sales, interconnection services to other carriers, and paging services.
In September 2000, Telmex spun off its Mexican wireless business and certain other operations to América Móvil.
In November 2003, the US Bankruptcy Court for the Southern District of Florida approved the sale of AT&T Latin America (ATTL)'s operating businesses in Argentina, Brazil, Chile, Colombia, and Peru to Telmex. Telmex began offering voice, data, and Internet services in these countries in February 2004.
