The Telefonica Group is one of the largest telecommunications companies in the world by market capitalization. Its activities are centered mainly in business fixed and mobile telephony. It is present in 25 countries and has a customer base of over 268 million. Telefonica has a strong presence in Spain, Europe and Latin America, where the company mainly focuses its growth strategy. The group ranks fifth in the telecommunications sector globally by market capitalization, as the first European integrated operator and the third in the "ranking" Eurostoxx 50, which includes the largest companies in the Euro zone. It was March 8, 2004, when Telefónica announced an agreement to buy, through Telefonica Moviles, all mobile assets of BellSouth in Latin America, action with which Telefónica consolidated its position as the second largest mobile telephony multinational in the world and leader of the Hispanic market. The arrival of Movistar Panama occurred in parallel to the operation, which Telefónica unified image of its operations in 12 countries in Latin America and well established, through an unprecedented operation, their presence in the region.