América Móvil completes tower spin-off to Sitios Latinoamérica
América Móvil confirms that all conditions have been met to spin-off its telecoms towers and other infrastructure in Latin America.
As a result, América Móvil’s spin-off which was approved by its shareholders in 2021 has become effective, with certain assets, liabilities and capital having been transferred to a new company known as Sitios Latinoamérica, S.A.B. de C.V. (Sitios Latam).
Sitios Latam is an independent Mexican company, operating separately from América Móvil’s management and capital structure. It's business areas include the construction, operation and marketing of towers and other infrastructure for the installation of telecoms equipment.
Its towers will be available to all wireless telecoms service operators in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panamá, Paraguay, Puerto Rico and Uruguay. The company has also begun construction of towers in Peru.
Sitios Latam has a portfolio of 29,090, on an aggregate basis, 39% of which are in Brazil.
Sitios Latam capital stock is represented by a single series of shares with full voting rights. Its shares will only be registered in the National Securities Registry of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.) for trading in Mexico, without an underwritten public offering.
Before the distribution of Sitios Latam shares, there will be a consolidation in the number of shares at a ratio of 1:20. Therefore, América Móvil’s shareholders will receive one share of Sitios Latam for every twenty shares of América Móvil.