America Movil SAB de CV (NYSE:AMX)
Historical Stock Chart
1 Year : From Apr 2019 to Apr 2020
By Suman Naishadham
MEXICO CITY -- Mexican telecommunications giant América Móvil SAB (AMX) is partnering with Telxius, the infrastructure unit of Spain's Telefónica S.A. (TEF), to lay over 4,500 miles of submarine cable along the Pacific coast of Latin America from Guatemala to Chile.
The companies said the high-capacity fiber optic undersea cable will connect points from Guatemala to Chile, with additional landing points in Ecuador and Peru, all of which are already in place.
"This is part of the ongoing commitment of the two largest telecommunication groups in Latin America to improve global communications," they said in a joint release in which they stressed the benefits of infrastructure sharing.
The companies didn't disclose how much they're investing in the cable, which is expected to be ready by the end of 2020.
América Móvil, the flagship company controlled by Mexican billionaire Carlos Slim, and Telefónica have for years competed across Latin America, including a bitter rivalry in Mexico, América Móvil's home market.
In January, América Móvil bought Telefonica's operations in Guatemala for $333 million and agreed to pay $315 million for its operations in El Salvador. The Salvadoran antitrust approval process is continuing.
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(END) Dow Jones Newswires
June 24, 2019 16:40 ET (20:40 GMT)
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