América Móvil Moves In
Oct 5, 2003
The Mexican cellular operator has gobbled up competitors in South America in a bid to be a top player in every market where it operates.
América Móvil, Mexico's biggest cell phone company, is beginning to fulfill its ambition to be Latin America's largest wireless operator. The listed company, spun off from Mexico's dominant phone company Teléfonos de México (Telmex) in September 2000, has spent around $1 billion this year buying wireless companies in Brazil, Colombia, Ecuador and Guatemala. It posted a 43.2% increase in first half revenues, which rose to $3.51 billion, and pretax income of around $882 million.
Its latest acquisition, the $625 million cash purchase of São Paulo-based wireless operator BCP at the end of August, makes América Móvil Brazil's second-largest mobile operator, with 6.7 million subscribers. The purchase gives it 1.7 million clients in São Paulo, Brazil's wealthiest and most...
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