Carlos Slim’s América Móvil SAB is set to pay $4.6 billion (or 62.1 billion pesos) to increase its stake in Teléfonos de México SAB from 59.4% to 92.8%, securing control of Telmex.
The company announced the preliminary results of its tender offers for all of the outstanding shares of capital stock. All shares and ADSs that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the tender offer and applicable law.
In August, the Mexican telecom giant offered to acquire from shareholders the entire ownership of its fixed-line operation Telmex. In the tenders term, América Móvil would paid 10.50 pesos a share, which at that time was a premium of 11.1%. To seal the deal, AT&T Inc. (T) needed to sell its 8.5% stake in Telmex for $1.4 billion, which represents profit of about 1% to 3% per share on sale.
Telmex is the formerly state-owned fixed-line carrier that became the linchpin of Latin America’s most powerful business empire in 1990.
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