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Employees to be granted $2.8 million worth of shares; none will be fired because of sale or lose pension plan
As reported in CARIBBEAN BUSINESS Jan. 16 issue, Telefonica Larga Distancia (TLD) is to be acquired by Telefonica de Espana S.A. Telefonica Internacional S.A., an affiliate of Telefonica de Espana, recently agreed to purchase 80% of TLD's assets for $141.6 million.
The deal also stipulates that both Telefonica de Espana and TLD will concede $2.8 million in stocks to TLD's 280 employees. It was announced that no employees will be discharged and that they will be offered a pension plan retroactive to their hiring date with TLD.