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America Movil acquires raises stake to 92.79% in Telefonos de Mexico (Telmex)
Nov 16, 2011 (Datamonitor Financial Deals Tracker via COMTEX) --
America Movil S.A.B. de C.V., a US-based provider of telecommunication services, has acquired an additional 32.83% stake in Telefonos de Mexico, S.A.B. de C.V. (Telmex), a Mexico-based telecommunication company. As a result, America Movil owns approximately 92.79% of Telmex's outstanding shares.
Update on August 9, 2011:
The board of directors of Telmex has approved the proposed acquisition of the company by America Movil. The Telmex board has authorized America Movil to launch its tender offer.
Announcement (August 1, 2011):
America Movil has announced that its board of directors approved a tender offer to acquire the remaining 40.04% stake in Telmex for approximately $6,500 million.
Under the tender offer, America Movil will acquire the remaining shares of Telmex at a price of MXN10.50 ($0.89) per share payable in cash. Upon completion of the offer, America Movil will directly or indirectly own 100% of the outstanding Telmex capital stock.
The purchase price per share represents a premium of 10.64% to Telmex's closing price on July 29, 2011.
The tender offer will include those shares that are represented by American Depositary shares.
Citigroup, Inc. is acting as financial advisor to America Movil and Morgan Stanley is acting as financial advisor to Telmex.
Deal Value (US$ Million) 5329.54
Deal Type Acquisition
Sub-Category Minority Acquisition
Deal Status Completed: 2011-11-11
Deal Participants
Target (Company) Telefonos de Mexico, S.A.B. de C.V.
Acquirer (Company) America Movil S.A. de C.V
Deal Rationale
The acquisition will allow America Movil to provide advanced telecommunication services to its customers in Mexico.
Bid Premium ($ per share) 10.64
% Acquisition 32.83%
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