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AOL Latin America files to raise $575 million

The company's Latin American unit files to take its online services business public.

America Online's Latin American unit today filed to take its online services business public.

In a registration statement filed with the Securities and Exchange Commission, AOL Latin America said it will sell up to $575 million in class A common stock. AOL Latin America is a joint venture between AOL and the Cisneros Group, a media, entertainment and telecommunications leader in the region.

The Cisneros Group will offer an additional $115 million to current and former employees of the company, according to the filing.

AOL Latin America did not release the number of shares it plans to issue.

The company plans to Tune in to CNET News.com TV's IPO Forecastlaunch subscription-based online services and Internet portals throughout Latin America. In November, it launched a subscription-based online service in Brazil, and it plans to launch online services in Argentina and Mexico later this year, according to recent SEC filings.

AOL joins Internet heavyweights such as Yahoo and StarMedia in launching services to tap the growing Brazilian market.

Salomon Smith Barney, Donaldson Lufkin & Jenrette and Lehman Brothers will underwrite the IPO.