America Movil SAB de CV (NYSE:AMOV)
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6 Months : From Jan 2019 to Jul 2019
By Anthony Harrup
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (January 25, 2019).
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.
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(END) Dow Jones Newswires
January 25, 2019 02:47 ET (07:47 GMT)
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