Slim pickings: Yoigo tasty tapas for Carlos in Spain?

19 Jan 2015

Mexican billionaire Carlos Slim, owner of telecoms giant America Movil (AM), is reportedly planning to expand into the Spanish telecoms market by acquiring a controlling stake in domestic mobile operator Xfera Moviles (Yoigo), Hispanidad reports.

Yoigo is majority owned by TeliaSonera of Sweden, which holds a 76.6% stake in the operator, while Spanish infrastructure company ACS Group and construction company Fomento de Construcciones & Contratas SA (FCC) are in possession of 17% and 3% stakes, respectively. Slim holds an indirect 0.75% stake in Yoigo via FCC, following his December 2014 acquisition of 25.6% of the construction company.

In mid-July 2014 TeleGeography’s CommsUpdate reported that TeliaSonera was considering divesting its Spanish unit, saying that ‘forced by a strong convergence trend that puts pressure on [its] mobile-only business’ it had begun a review of its involvement with Yoigo. Previously, AM was said to be interested in bidding for Yoigo in 2012, but TeliaSonera dropped plans to sell its Spanish unit due to a disappointing market response.

Spain, America Movil (AM), Telia Company, Xfera Moviles (Yoigo)