Tycoon Carlos Slim breaks up his Mexican telecom empire under regulatory pressure

by tech on July 9, 2014

You may think  U.S. was short on telecom competition, but in Mexico a single company has long dominated the communications landscape: América Móvil. It services 70 percent of all mobile connections and 80 percent of all landline phone links in the country. But billionaire Carlos Slim, the carrier’s controlling owner, is bowing to regulator pressure and is divesting substantial portions of Slim’s empire, according to Bloomberg. The sales and spin offs will reduce América Móvil’s market share in mobile and wireline to below 50 percent, as well as remove it from the communications tower and satellite TV businesses. It doesn’t look as if América Móvil’s substantial operations in Latin America or the U.S. (where it owns prepaid giant TracFone) will be affected.

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