Mexico-based telecoms giant America Movil has ruled out further acquisitions in Latin America, but added that it is always on the lookout for targets outside the region, according to the company’s CFO.
CFO Carlos Garcia Moreno said in an interview…
Mexico-based telecoms giant America Movil has ruled out further acquisitions in Latin America, but added that it is always on the lookout for targets outside the region, according to the company’s CFO.
CFO Carlos Garcia Moreno said in an interview with IFR that there are lots of assets on offer and that America Movil is open to possibilities, but it is not in a rush.
Garcia Moreno noted specifically that the company did not want to be “premises-based” in the US and that it was happy with Tracfone, the MVNO business it owns there.
Garcia Moreno also said that most of the financing America Movil is set to do in 2011 will be opportunistic.
He suggested it would be for acquisitions or refinancing. The company could also issue debt in order to do liability management and pre-pay some debt.
IFR reported that America Movil has around US$2bn of debt maturing this year.
Garcia Moreno said that it made sense to refinance this debt in the debt market.
In its Q4 2011 results, America Movil reported net income of Ps16.28bn (US$1.25bn), compared to Ps25.52bn in Q4 2010. However, EBITDA was Ps64.55bn (US$4.97bn), up 3.9% from the same quarter the previous year.
