MiPhone to cost AM USD70 million - report

1 Oct 2007

America Movil’s acquisition of Jamaican cellco Oceanic Digital Jamaica (MiPhone) was a USD70 million deal, it emerged last week. MiPhone has refused to confirm or deny the price. ‘That figure had its origin perhaps on Wall Street where they must have been putting a market value on it,’ said MiPhone Chief Operating Officer Colin Webster. ‘No official disclosure about the price has been made.’

On 23 August Oceanic Digital Jamaica Limited announced in a press statement that America Movil, one of the largest cellular phone operators in Latin America, was buying a stake in the Jamaican company. The deal is slated to be completed early in the fourth quarter.

Jamaica, America Movil Jamaica (Claro)