Telefónica Móviles, SA Telefónica, the incumbent telephone company in Spain, is the largest mobile and fixed- line provider in Spain and the second largest mobile provider after América Móvil in Latin America. It has European operations under the brand name O2 2 in the Czech Republic, Germany, Ireland, the Isle of Man, Slovakia, and the United Kingdom. Declining sales in Europe are being offset by growth in revenue in Latin America. By the end of 2011, 53 percent of Telefónica's sales were in Europe, and 47 percent were in Latin America. In Europe and Latin America, it operates under the brand name Moviestar. Telefónica's companies offer cable TV, fixed-line voice services, and Inter- net access. Deutsche Telekom AG As of the first quarter 2011, Deutsche Telekom was the seventh largest mobile operator in the world. It is the leading fixed-line operator in Germany and offers mobile services under the T-Mobile brand in Germany and in 15 other European countries. It also offers a "no-frills" brand for mobile, broadband, and Voice over Internet Protocol (VoIP) ser- vices called Congstar. It additionally owns a payment services provider, ClickandBuy, and a web hosting organization. In addition to selling services to individual residential customers, it also offers services to multinational organizations. The German govern- ment in conjunction with a state-owned bank owns 32 percent of Deutsche Telekom. In 2011, Deutsche Telekom announced its agreement to sell its subsidiary in the United States, T-Mobile USA, to AT&T. T- Mobile USA had lost market share steadily throughout 2009 and 2010 and hasn't invested enough in spectrum or infrastructure to build out an LTE network which would enable it to compete more fully with AT&T and Verizon Wireless. In 2011, regulators in the United States turned down AT&T's merger request for Deutsche Telekom's largest subsidiary. Deutsche Telekom's losses in the United States contrast sharply with Telefónica's success in Latin America. In an effort to lower costs, Deutsche Telekom formed