May 23, 2019 |
El Salvador's antitrust agency, the Superintendencia de Competencia (SC), has blocked América Móvil from buying the local unit of Telefónica Móviles, saying the deal is "inadmissible."
América Móvil announced in January that it had agreed to buy Telefónica's business in El Salvador for $315m and in Guatemala for $333m.
The Mexican telecommunications company, owned by billionaire Carlos Slim, will appeal the decision, according to the SC. América Móvil did not return requests for comment.
Mexican telecom is expected to appeal the antitrust agency's decision