America Movil to spin off towers business in Latin America

America Movil announced that shareholders have approved a plan of America Movil to spin off its towers business in Latin America.
America Movil KPN deal
In an extraordinary general meeting, they overwhelmingly approved the spin-off, which will create a new company called Sitio Latinoamerica, America Movil said in a statement to the Mexican stock exchange.

Sitio Latinoamerica will own 36,000 telecommunications towers in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Dominican Republic and Uruguay.

America Movil will contribute to Sitio Latinoamerica a portion of its share capital consisting mainly of shares it owns in subsidiary companies that own towers and other associated infrastructure.

The company previously said it expected to complete the reorganization this year.

Latest

More like this
Related

Vodafone Idea deploys Nokia’s AI-powered MantaRay SON solution

Vodafone Idea has deployed Nokia’s AI-powered MantaRay SON (Self-Organizing...

Airtel India: What are the top achievements in 2024?

In 2024, Airtel India achieved remarkable milestones across various...

What are operator strategies in Africa to manage cyber security?

A GSMA Intelligence survey says more than half of...

List of telecom operators with security investment in Europe

A GSMA Intelligence report has revealed the list of...