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

Telecom news: India’s testing rules, BSNL, SpaceX, Metronet, GoFibre

Today’s telecom news include briefs on India’s Telecom Testing...

Airtel leads telecom growth with strong revenue, ARPU gains

Bharti Airtel continues to demonstrate outstanding growth in the...

India’s Vodafone Idea bailout: A risky precedent and a burden on taxpayers

The Indian government’s decision to convert Vodafone Idea’s (Vi)...

Why big Capex in telecoms is coming to an end?

Caroline Gabriel, Partner and expert in network and cloud...