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America Movil says scraps deal to purchase Telefonica's El Salvador unit

2020-09-05 10:08:58


America Movil on Thursday said it was cancelling by mutual agreement a contract with Spain's Telefonica to buy its El Salvador unit, Telefonica Moviles El Salvador, blaming regulatory hurdles.


America Movil, controlled by the family of Mexican tycoon Carlos Slim, owns telecommunications firm Claro in El Salvador and had been aiming to acquire for $315 million Telefonica Moviles and another El Salvador unit, Telefonica Multiservicios.


The two Telefonica units operate in the Central American nation under the Movistar brand and belong to Telefonica Centroamerica Inversiones.


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