América Móvil Buys Telefónica's Operations in Guatemala, El Salvador

Date : 01/24/2019 @ 10:03PM
Source : Dow Jones News
Stock : America Movil SAB de CV (AMOV)
Quote : 15.845  0.1821 (1.16%) @ 5:24PM

América Móvil Buys Telefónica's Operations in Guatemala, El Salvador

America Movil SAB de CV (NYSE:AMOV)
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By Anthony Harrup 

MEXICO CITY -- Mexican telecommunications company América Móvil SAB said Thursday it has bought the Guatemalan operations of Telefónica SA, and agreed to acquire the Spanish company's business in El Salvador.

América Móvil, controlled by billionaire Carlos Slim, said it paid $333 million for 100% of Telefónica Móviles Guatemala and has agreed to pay $315 million for 99.3% of Telefónica Móviles El Salvador, which it is buying from Telefónica and several of its affiliates.

Regulatory approvals are pending for the El Salvador deal.

América Móvil is Latin America's largest mobile-phone operator, with operations across the region, as well as in Austria and the U.S.

The Mexican company said the acquisitions, which operate wireless and fixed-line phones, internet and pay TV services, will bolster its position in Central America, where it plans to provide next-generation services including 5G.

Telefónica, which owned 60% of the Central American units, said the sale is part of its portfolio management to optimize return on capital, and will also serve to lower debt.

Write to Anthony Harrup at anthony.harrup@wsj.com<mailto:anthony.harrup@wsj.com>

 

(END) Dow Jones Newswires

January 24, 2019 16:48 ET (21:48 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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