AT&T (NYSE: T) is looking to take on a bigger piece of the Latin American business market through a partnership with Carlos Slim's America Movil (NYSE: AMX), reports Reuters. The two companies did not reveal the terms of the agreement.
By using local network connections from the Mexican telecom conglomerate's local network operating companies, AT&T said it will be able to connect to 15 countries, including Argentina, Chile and Colombia.
In addition, the agreement would enable the telco to reach into 10 other Latin countries including Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru and Uruguay.
Prior to this agreement, AT&T mainly focused on serving businesses located in Mexico and Brazil.
Expanding its foothold in Latin America comes as AT&T faces a number of savvy competitors such as BT (NYSE: BT) and Orange Business Services, both of which have aggressively built out their presence in the region in recent years.
America Movil and AT&T are hardly strangers as the U.S.-based telco currently owns about a 9 percent stake in the Mexican-based company. In June, AT&T cut its stake in America Movil by 7.5 percent, raising $564 million by selling 540 million shares after it launched a share buyback program.
For more:
- Reuters has this article
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