Grupo Salinas refutes suggestions of Iusacell stake sale plans

5 Mar 2014

Rumours that Mexican holding company Grupo Salinas could sell off its 50% stake in local mobile network operator Grupo Iusacell have been vehemently denied by the former’s president. According to BNamericas, citing local news source El Financiero, with Ricardo Salinas claiming that the cellco was performing ‘better than ever’, in response to the suggestions of a potential sale he stated: ‘What’s more, there’s a rumour out there that it’s going to be sold. I’m not going to sell it, I’m not going to sell my part.’

The development follows claims last month that Spain’s Telefonica was in talks to combine its Mexican unit with the operations of Iusacell with a view to forming a larger entity better equipped to compete with America Movil’s local mobile outfit and market leader Telcel. As reported by CommsUpdate at that date, it had yet to be decided which company would control a combined Movistar Mexico/Iusacell , while unnamed sources with knowledge of the matter said that Telefonica was being advised on the matter by Banco Bilbao Vizcaya Argentaria SA and Lazard Ltd.

Mexico, Iusacell (inc. Unefon), Telefonica, Telefonica Moviles Mexico (Movistar)