America Movil SAB De CV logo

AMOV - America Movil SAB De CV News Story

$15.15 -0.2  -1.0%

Last Trade - 9:10pm

Sector
Telecoms
Size
Large Cap
Market Cap £36.31bn
Enterprise Value £60.26bn
Revenue £35.59bn
Position in Universe 260th / 6938

UPDATE 1-America Movil aims to close sale of Tracfone to Verizon in third quarter

Wed 28th April, 2021 4:54pm
(Updates with quotes, background)
    MEXICO CITY, April 28 (Reuters) - Mexico's America Movil
 AMXL.MX   said on Wednesday that it hopes to close the sale of
its U.S. pre-paid mobile phones unit Tracfone to Verizon  VZ.N 
by the third quarter of this year. 
    Verizon announced last year that it would buy Tracfone,
which serves about 21 million subscribers through more than
90,000 retail locations across the United States, in a $6.25
billion cash and stock deal.  urn:newsml:reuters.com:*:nL4N2GB2XG
    "We're working very closely with Verizon and the regulatory
authorities to get clearance on that transaction, and we think
and we believe that this transaction will be closing in the
third quarter of this year," Chief Executive Daniel Hajj said on
a call after America Movil's first quarter results.   
    America Movil, controlled by the family of Mexican tycoon
Carlos Slim, said on Tuesday net profit rose to 1.81 billion
pesos ($88.7 million) in the quarter, compared with a loss of
28.9 billion pesos for the same period last year. urn:newsml:reuters.com:*:nL1N2MK2YR
    The company posted revenue of 248.19 billion pesos, down
about 0.8% year-on-year.
    America Movil executives said on the call they were working
to obtain approvals in different countries for its planned tower
spin-off entity focused on the development, construction and
locations of the towers for mobile services. 
    The firm, which plans capital expenditure of $8 billion this
year, said it is progressing with a 5G rollout. America Movil
said in February that Mexico, its core market, would have 5G
options by the end of the year. urn:newsml:reuters.com:*:nL1N2KG1TQ 
    "We have been working to implement 5G, virtualizing
networks, putting fiber in the towers, putting the photonics in
the backbone," Hajj said. "We are ready to launch 5G in many
countries."

 (Reporting by Cassandra Garrison and Abraham Gonzalez)
 ((Cassandra.Garrison@thomsonreuters.com; +52 55 6200 7873;))
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