Telefónica's president Cesar Alierta signed an agreement with the Colombian government to buy 50% and one share of the state-owned communications company, Colombia Telecomunicaciones (TELECOM). With this sale, Telefónica became the largest Colombian land-line operator, and also gained an important presence in the local, long-distance and broadband market. The mobile business is run by Telefónica Móviles through the brand movistar. It is unknown what will happen with their previous established subsidiary Telefónica Empresas, being most probable a merger with TELECOM. The company is now known as Telefónica - Telecom. Costa Rica Telefónica signed a contract for 15 years (extendable for 10 additional years) on 12 May 2011 with the government of Costa Rica. It started operations in 2011 under its Movistar branding. Dominican Republic In 2000, Telefónica acquired a 26.5% stake in Tricom when it purchased part of the shares Motorola had obtained in 1993. Ecuador After acquiring 100% of OTECEL S.A. (Bellsouth), Telefónica Móviles Ecuador started its operations on 14 October 2004 as Movistar. It is one of only three mobile operators in Ecuador. Telefónica in Ecuador has started offering 3G service from the second half of 2009. Panama Telefónica started its operations in Panama in 2004 as Telefónica acquired 100% of Bellsouth Panama. Since then it has operated using the name Movistar for mobile services. It migrated from CDMA technology used by Bellsouth to GSM 850. It also offers 3G using UMTS 850 and UMTS 1900. In 2015 it launched LTE with coverage expanding in Panama City, Arraijan, Chorrera up to Buenaventura Beach. Peru The Telefónica Group has been in the country since 1994 and owns the largest fixed-line operator in the country. The local subsidiary offers local, long-distance, and broadband services nationwide. The mobile business is run by Telefónica Móviles through a local subsidiary. The mobile telephone business goes by the name Movistar and competes with major provider Claro. Their main offices are located in Santa Beatriz on Av. Arequipa 1155. Since January 2011, Telefónica has operated in the market under the Movistar brand. Puerto Rico Telefónica in Puerto Rico has presence through Telefónica Empresas, Telefónica Larga Distancia - TLD, Telefónica International Wholesale Services - TIWS (formerly Emergia) and Atento. Telefónica Moviles, through its Movistar brand, had presence in Puerto Rico until mid-2007 but they sold the Puerto Rico network to a private equity group who renamed it Open Mobile. Venezuela In late 2004 Telefónica took over