Mexico’s America Movil spins off Latin America tower business

MEXICO CITY – Mexican telecommunications giant America Movil said on Monday it had completed the planned spinoff of its Latin American cellular tower business, creating a company called Sitios Latinoamerica.

The new company, controlled by the family of billionaire Carlos Slim, has an inventory of 29,090 towers, 39% of which are in Brazil and the rest spread across Argentina, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico and Uruguay.

The spinoff was approved last September by America Movil’s shareholders.

Existing America Movil shareholders will receive one Sitios share for every 20 America Movil shares held.

In a securities filing, the company said Sitios Latam will continue “to evaluate growth opportunities in the region.”

(Reporting by Carolina Pulice and Diego Oré; Editing by Leslie Adler)