Carlos Slim’s America Movil secures control of Net

Mexico-based pan-regional operator America Movil (AM), owned by the tycoon Carlos Slim, last Friday confirmed it has secured approval from the Brazilian telecoms regulator Anatel to take control of leading pay-TV and broadband cable providers Net Servicos de Comunicacao (Net). Reuters reports that under the terms of the deal, AM’s local operating arm Embratel Participacoes will buy Grupo Globo Participacoes shares currently held by Net, securing its control of the cableco. No financial terms or share stakes were disclosed.