América Móvil hires Bank of America for Mexican asset sale
América Móvil has hired Bank of America to sell a portion of its Mexican assets, as it attempts to comply with new regulations.
The company is being made to reduce its dominance in the market, and will divest assets in the country to appease Mexican regulators.
According to Bloomberg, the company has now hired Bank of America to assist with the sale, and potential bidders could include AT&T and SoftBank.
América Móvil owner Carlos Slim is looking to sell off parts of its operations in Mexico to cut its market share to below 50%.
It presently has a 70% share of subscribers and an 80% share of the Mexican fixed-line market.
The company said earlier this year it would sell its assets and begin a spin-off of its Mexican tower infrastructure.
If it succeeds with the plans, the company could be invited to enter the lucrative Mexican pay-TV market.
The sale of its assets could also provide the market with a new entrant, but this would rule Telefónica out of the bidding, as it is already América Móvil’s biggest competitor in Mexico.
Slim’s América Móvil has yet to reveal which assets it wants to spin off as part of the move.