AM shareholders approve plan for Telesites tower spin-off

20 Apr 2015

Mexican telecoms giant America Movil (AM) has approved a plan to spin off mobile unit Telcel’s cell towers into a separate company, known as Telesites. The company announced in a press release that 98.2% of shareholders voted in favour of the plan, under which AM will contribute certain assets (mainly comprised of the passive infrastructure used by its wireless operations in Mexico), liabilities and equity to Telesites, which will be listed on the Mexican Stock Exchange. The assets will include some 10,800 towers, to which new and existing mobile operators will have access. The spin-off represents part of a restructuring plan AM devised last year in response to strict regulations designed to curb its market dominance in the mobile and fixed markets.

Mexico, America Movil (AM), Radiomovil Dipsa (Telcel)