America Movil gets approval to snap up remaining piece of Telmex

Carlos Slim's America Movil (NYSE: AMX) has gotten the green light from Mexico's banking and securities commission (CNBV) to acquire the remaining 40.04 percent stake in Telmex (NYSE: TMX).

America Movil's purchase of the rest of Telmex is part of Slim's broader effort consolidate his wireline and wireless telecom holdings.

When the deal closes on Nov. 11, Telmex will be delisted and will become part of the America Movil family of companies.

Daniel Hajj, America Movil's CEO, said that they had plenty of financial weapons to finance the deal and would not need to seek outside funding.

But in an effort to check all of its bases, Carlos Garcia Moreno, America Movil's CFO, did meet with investors to "check" markets.

For more:
- Reuters has this article

Download our eBook: Latin America's Next Generation Networks

Related articles:
Unraveling Latin America's pay TV opportunity
Telmex's dominant power means facing tighter regulations
America Movil moves to purchase the remaining 40% of Telmex
Telmex net profit, revenues drop in Q2

Suggested Articles

“We’ve seen decades of momentum in weeks," said Gelsinger. "We’re surprised how quickly customers were able to adapt."

Along the same lines as AT&T last week, Comcast Business has released a more robust, in-home broadband service for work from home employees.

After posting a triple-digit revenue increase last year, the growth outlook for carrier managed SD-WAN has been lowered by 17%, according to a report.