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AMOV - America Movil SAB De CV News Story

$14.77 -0.0  -0.1%

Last Trade - 14/05/21

Large Cap
Market Cap £34.74bn
Enterprise Value £59.15bn
Revenue £36.26bn
Position in Universe 256th / 6846

UPDATE 1-American Tower, Algar buy telecom assets of Brazil's Cemig

Wed 8th August, 2018 5:30pm
(Adds details throughout on auction, profile of bidders)
    By Luciano Costa and Gram Slattery
    SAO PAULO, Aug 8 (Reuters) - American Tower Corp  AMT.N  and
unlisted Brazilian operator Algar Telecom SA on Wednesday
purchased the broadband network of Cia Energetica de Minas
Gerais SA  CMIG4.SA , known as Cemig, potentially spurring more
dealmaking in Brazil's telecoms space.
    At an auction in Cemig's headquarters in the interior state
of Minas Gerais, American Tower won Lot 1 of the network with a
571 million reais ($152 million) bid, and Algar won the smaller
Lot 2 with a 78 million reais bid.
    While the Brazilian units of Telefonica SA  TEF.MC 
 VIVT4.SA , Telecom Italia SpA  TLIT.MI   TIMP3.SA  and America
Movil SAB de CV  AMXL.MX  had mulled bids, they ended up not
making any offers. Some potential buyers Reuters consulted in
recent weeks considered the 367 million-real minimum price for
the units to be relatively high.*:nL1N1TH102*:nL1N1UE0U3
    Still, American Tower's bid of 571 million reais was well
above the minimum. Brazil-listed shares in Cemig were trading up
0.7 percent in early afternoon trade, while the benchmark
Bovespa  .BVSP  was roughly flat.
    For Algar, the profile of Lot 2 fits with the company's
plans to expand its network into Brazil's northeastern states.
The company had planned an initial public offering late last
year, but scuttled it after GIC, a sovereign wealth fund
established by the government of Singapore, took a stake in the
firm and injected about 360 million reais of capital.*:nL1N1OX0CB*:nL1N1OZ0CQ
    Other potential telecom deals in the short-term in Brazil
include the sale of carrier Nextel by NII Holdings Inc  NIHD.O .
Major carrier Oi SA  OIBR4.SA  is often floated as a potential
acquisition target in the long-term.*:nL1N1UY0J7
    ($1 = 3.75 reais)

 (Reporting by Luciano Costa; Writing by Gram Slattery
Editing by Marguerita Choy)
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