Movil Moves Beyond Mexico

Feb 1, 2004

América Móvil, Mexico's biggest cellphone company, blazed a trail across Latin America in 2003, building up a regional network. Armed with a healthy balance sheet and access to low-cost financing in Mexico's peso bond market, the company has snapped up undervalued assets. LatinFinance has chosen América Móvil as Corporation of the Year for its combination of astute acquisitions, deft issuance in the local capital markets and progress in realizing its ambition to become Latin America's largest wireless operator. Carlos García Moreno, América Móvil's chief financial officer, says, "From the very beginning it was intended that América Móvil would become a regional player, and be first or second in all markets in which it operates."

América Móvil spent around $1.2 billion in 2003 buying wireless companies in Brazil, Colombia, Ecuador, Argentina, Nicaragua...

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