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Compañía Anónima Nacional de Teléfonos de Venezuela (CANTV) is one of the first telephone service enterprises in Venezuela, founded in 1930, when businessman Félix A. Guerrero obtained a concession from the “Ministerio de Fomento” to build a telephone network primarily in the capital, and of course in the rest of the country. In 1950 the government acquired 100% of the shares, as part of a nationalization of industries, this was how the Venezuelan State embarked on a process to buy up 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%. Thus began a new stage in the history of Cantv.
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