Cantv.net
 |
|
| state-owned (: TDV.D) | |
| Industry | Telecommunications |
| Founded | 1930 |
| Headquarters | Caracas, Venezuela |
|
Key people
|
Manuel Fernández (President) Ernesto Paiva (CEO) |
| Products |
Wireline and wireless telecommunication Internet service provider |
| Revenue |
 US$ 5.5 Billion (2010) |
|
US$ 991.9 Million (2010) |
|
|
Number of employees
|
9,468 |
| Parent | Government of Venezuela |
| Subsidiaries |
Cantv.net Caveguías Movilnet |
| Website | www.cantv.com.ve |
CANTV (: TDV.D) is one of the first telephone service enterprises in Venezuela, founded in 1930. The company was re-nationalized in 2007 and is the largest telecommunications provider in Venezuela.
As of May 9, 2008, Cantv’s customer base numbered 10.1 million mobile subscribers, 5.2 million fixed telephony subscribers and 1,000,000 broadband subscribers.
In 1930 the "Ministerio de Fomento" of the Gómez government granted a concession to Félix A. Guerrero to build and operate a telephone network in the Federal District and the States of the Union. With fellow shareholders Manuel Pérez Abascal, an entrepreneur, and Alfredo Damirón, an attorney, they registered Compañía Anónima Nacional Teléfonos de Venezuela on 20 June 1930.
On 31 December it became the local operating company for the assets of the Venezuelan Telephone and Electrical Appliances Company Limited, an English firm which had been operating in Venezuela for 40 years between Caracas and Puerto Cabello, San Juan de Los Morros, Ocumare del Tuy and Macuto, and had recently acquired the Maracaibo telephone company in 1929. The foreign company, renamed telephone Properties Ltd, still held 100% of the ordinary shares in the Nacional company, and maintained its investment; at the time of transfer it was in the process of automating its network of exchanges.
After a commission spent several years enquiring into ways of expanding the service, in 1953 the government announced its intention to acquire 100% of the shares of Cantv at a price of US$7.1M, as part of the state's program of nationalization. Over the following years it bought up the other privately owned telephone companies, the last one being Compañía de Teléfonos de San Fernando de Apure which it acquired in 1973.
The company was privatized on December 15, 1991, the envelopes containing the bids were opened in a public act and the successful bidder was the consortium VenWorld Telecom, C.A. which bid US$1,885 million (US$1,085 million above the base price) for a 40% equity stake in the company. The VenWorld consortium was headed by GTE Corporation, with 51% of the shares. The other members of the consortium were Telefónica Internacional de España, C.A. Electricidad de Caracas, each with 16%, Consorcio Inversionista Mercantil CIMA with 12% and AT&T International with 5%.
On January 8, 2007, President Hugo Chávez announced that Venezuela would re-nationalize CANTV, a move aimed at returning the company's control to the state. On April 8, 2007, the Venezuelan Government launched a tender offer to acquire Cantv’s shares in Venezuela (Class D) and in the United States (ADS). One month later on expiring the offer, the Government acquired 79.6% of the outstanding shares of the Company, in addition to the 6.6% which it previously owned, obtaining control of the Company with a total of 86.2% of its total shares.
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Wikipedia