Brazilian regulators conditionally approve Slim proposal

Brazilian regulators conditionally approve Slim proposal

Brazilian telecoms regulator Anatel has conditionally approved a proposal from Mexican billionaire Carlos Slim’s to combine three companies owned by América Móvil.

Slim wants to combine América Móvil’s mobile division Claro with cable TV operator Net Servicos de Comunicaco and telco Embratel, and Anatel has told him that he can do so, providing Claro registers as a publicly held company with the Brazilian securities watchdog, CVM.

Claro is not an existing listed company, and going public will mean it has to open up to other investors under Brazilian telecoms regulations, which state that concession holders must have an open capital structure.

Claro will control Embratel and will not necessarily have to list shares on the stock market, according to Anatel official, Igor Villas Boas.

In May, Claro Brasil partnered with Syniverse to enable LTE data roaming for its customers in the country.

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