Billionaire media mogul Carlos Slim is to sell down his assets in Mexico, including those of America Movil, in order to bring the total market share to below 50 per cent. Slim risked further incurring the wrath of Mexico’s regulator which was preparing tough new rules designed to curb his expansion in the market, and regionally.
America Movil runs cellular (Telcel), internet and fixed-line (Telmex) telephony, and a statement July 8th said that the assets in question would be “sold to a new company independent of America Movil”. Currently America Movil dominates the Mexican telephony market with a 70 per cent share.
The company will also sell down its mobile towers, and these will be included in the sell-off.