Mexico antitrust watchdog OKs Iusacell acquisition
Thursday September 4, 8:11 pm ET
MEXICO CITY, Sept 4 (Reuters) - Mexico's antitrust watchdog on Thursday approved the acquisition of Grupo Iusacell (NYSE:CEL - News; NYSE:CELV - News), the country's No. 3 mobile communications provider, by a firm owned by Ricardo Salinas, one of Latin America's wealthiest businessmen.
Salinas, through his broadcaster TV Azteca (NYSE:TZA - News; Mexico:TVAZTCACPO.MX - News), already owned a 46.5 percent in cellular provider Unefon (Mexico:UNEFONA.MX - News).
"Based on the number of users nationwide, combined market share of Iusacell and Unefon is way below the leading provider," the Federal Competition Commission (CFC) said in a release.
Iusacell has 2.1 million subscribers while Unefon has 1.6 million. They both compete against leading mobile company Telcel, owned by America Movil (NYSE:AMX - News; Mexico:AMXL.MX - News), which has 21.3 million subscribers.
In June, Verizon Communications (NYSE:VZ - News) and Vodafone Group Plc (London:VOD.L - News) agreed to sell their combined 73.9 percent in Iusacell to MovilAccess, a telecommunications company owned by Salina's Grupo Salinas. |
