America Movil announced Wednesday that Mexico’s National Securities and Banking Commission has given approval for the company to list shares of its Telesites tower business on the Mexican Stock Exchange.
Trading is set to begin on December 21.
The move marks one of the final steps in America Movil’s efforts to spin-off the Telesites business, which is “mainly comprised of the passive infrastructure used by its wireless operations in Mexico.”
The sale was approved by America Movil’s shareholders in April.
America Movil said the end of December share listing will conclude the spin-off, after which Telesites will operate independently.
And Telesites may soon have some major partners.
In November 2014, AT&T leapt into the Mexican carrier space with the $2.5 billion acquisition of Mexican wireless provider Iusacell. The purchase netted AT&T Iusacell’s licenses, network assets, retail stores as well as its approximately 8.6 million subscribers.
The U.S.-based carrier followed up with the acquisition of Nextel Mexico in May and in June announced plans invest $3 billion to expand its network in Mexico to cover 100 million people by the end of 2018. AT&T also revealed the start of a new rebranding effort south of the border that is expected to take until the end of 2016 to complete.
Filed Under: Infrastructure