Verizon Communications, the second-largest US telephone company, yesterday agreed to sell its Latin American operations for $3.7bn to Mexican billionaire Carlos Slim Helu.

The properties include Verizon's 100 per cent stake of Verizon Dominicana in the Dominican Republic, a 52 per cent interest in Telecomunicaciones de Puerto Rico, and a 28.5 per cent interest in Compania Anonima Nacional Telefonos de Venezuela.