Mexican tycoon Carlos Slim, the world's third-richest man, will buy three Latin American operations from U.S. carrier Verizon Communications for roughly $3.7 billion as he extends his grip on the telecommunications market across the region.

Verizon said on Monday it will sell its stakes in providers in Dominican Republic, Puerto Rico and Venezuela to Slim's America Movil and Telmex. The deal will be carried out in three separate transactions.

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