America Movil (AM) has announced that its Board of Directors has approved a plan to spin off telecoms towers and other related passive infrastructure across its Latin American footprint. Discussing the strategy, the company noted: ‘This spin-off will maximise the value of the infrastructure by becoming an independent entity entirely focused on development, construction and co-location of towers for wireless services.’ The execution of the reorganisation plan will be subject to obtaining required approvals, including shareholder approval. AM expects to implement the reorganisation during 2021.
TeleGeography notes that AM previously spun off its Mexican tower assets into Telesites, which was created in January 2015. The move received shareholder approval in April 2015 and the divestment concluded in December that year. In 2017 it was reported that majority shareholder Carlos Slim was speaking to private equity firms, sovereign wealth organisations and infrastructure funds about the sale of a minority stake in Telesites. He maintained that he had no interest in ceding control of the towerco and no deal ever materialised. As of September 2020 Telesites presided over 17,660 cell towers in Mexico and a further 304 in Costa Rica.