Mexico-based telecoms group America Movil has agreed to acquire almost 33% of fixed-line operator Telmex for Ps62.1bn (US$4.6bn).
America Movil already holds a 59.96% stake in Telmex through its subsidiary Carso Global Telecom. In early August, it…
Mexico-based telecoms group America Movil has agreed to acquire almost 33% of fixed-line operator Telmex for Ps62.1bn (US$4.6bn).
America Movil already holds a 59.96% stake in Telmex through its subsidiary Carso Global Telecom. In early August, it announced a public tender offer to acquire the remaining 40.04% of Telmex.
America Movil said in a statement that, based on preliminary counts, almost 56.6m of Telmex’s series A shares, almost 1.84bn of its series AA shares and just over 4.02bn of its series L shares had been offered. These had been accepted by America Movil.
America Movil said that this would result in direct and indirect ownership of 92.79% of Telmex.
Based on these preliminary results, America Movil expects to pay Ps62,15bn (US$4.58bn) to the tendering shareholders.
Its Mexican underwriter was Inversora Bursatil from Grupo Financiero Inbursa. Its US offer agent was BNY Mellon.
America Movil said that these results were preliminary and that it will announce the definitive result as soon as possible in the following days.
US telco AT&T holds a 8.5% stake in Telmex. It told TelecomFinance in August that it expected to tender its stake. An AT&T spokesman said he could not provide an update on the status of the tender at this time.
