MEXICO CITY-Mexican operator America Movil said it acquired the 20 percent interest in Ecuadorian mobile operator Conecel that it does not already own from minority shareholders. The value of the transaction was not disclosed.
America Movil now owns 100 percent of Conecel, which is the country’s largest operator, followed by BellSouth Ecuador.
Last week, America Movil acquired an option to purchase a controlling interest in Argentine wireless operator CTI. The transaction was part of a CTI debt restructuring plan that would result in a write-off of more than 75 percent of its $1.1 billion debt.
Coinmov entered an agreement with Verizon and other CTI shareholders under which it will acquire 100 percent of CTI Holdings. Coinmov has provided America Movil with the controlling interest option, which if exercised, would give the Mexican company a 60-percent voting interest and 49-percent economic interest in Coinmov and eventually CTI.
CTI’s shareholders and lenders have accepted the restructuring plan, America Movil said. CTI has 1.2 million subscribers.
