May 5, 2017 / 6:01 AM / 6 months ago

Mexico's America Movil gets approval to buy spectrum from Grupo MVS

MEXICO CITY (Reuters) - Mexican billionaire Carlos Slim’s America Movil (AMXL.MX) has received a green light from the telecoms regulator IFT to buy rights to 60 megahertz of spectrum from Grupo MVS, the telecoms giant said on Thursday.

The America Movil logo is seen on the wall of the reception area in the company's corporate offices in Mexico City August 12, 2015. REUTERS/Henry Romero

The company also said it expects to complete the acquisition, which boosts its offer of high-speed data services, in the second quarter of 2017.

In November, America Movil said its wireless subsidiary had agreed to purchase 60 MHz of spectrum in the 2.5 GHz band. It did not disclose the terms of the deal.

Mexico’s president, Enrique Pena Nieto, pushed through reforms designed to curb Slim’s dominance of the local telecommunications market.

The profit margin of America Movil, Latin America’s largest phone company, has shrunk to less than 30 percent, from more than 45 percent, since the reform.

Reporting by Adriana Barrera and Alexandra Alper; Editing by Randy Fabi

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