Carlos Slim buys Telefonica in Guatemala and El Salvador

América Móvil acquired 100% of Telefónica Móviles Guatemala and 99.3% of Telefónica Móviles El Salvador.

América Móvil reported that it acquired the operations of Telefónica and some of its affiliates in Guatemala and El Salvador for 333 million and 315 million dollars, respectively.

According to a statement, the company of Carlos Slim “has acquired from Telefonica and some of its affiliates (” Telefonica “), 100% of Telefonica Moviles Guatemala (” Telefonica Guatemala “), and has entered into an agreement to acquire the 99.3% of Telefónica Móviles El Salvador “. It states that the closing of the acquisition of Telefónica Guatemala occurred today, while the closing of the acquisition of Telefónica El Salvador is subject to certain usual conditions for this type of transactions, including the obtaining of regulatory authorizations.  The acquired companies provide mobile and fixed telecommunications services, including voice, data and pay television in El Salvador and Guatemala, respectively.  “With this transaction, América Móvil consolidates its position as one of the leading providers of telecommunications services in Central America, strengthens its position in both countries to continue providing integrated telecommunications services and is positioned to provide new generation services, including 5G”.

he amount paid by América Móvil is a 9.7 times Ebitda (Benefits before interest, taxes, depreciation and amortization) estimated by the two companies in 2018.

This is the first operation to complete its exit from Central America, which the Spanish telecommunications group carries out. His intention is to sell all the assets he has in the region, so that Panama, Costa Rica and Nicaragua are pending.

Telefónica’s movements are part of a group’s asset portfolio management policy, based on a strategy of ” creating value, optimizing return on capital and strategic positioning.” It also complements the objective of reducing debt and strengthening balance through the organic route, in a scenario of increasing cash generation “.

América Movil currently provides service in El Salvador under the Claro brand, and in Guatemala with the Telgua telephone operator. Its current acquisition strengthens the presence of the company in the region.

Carlos Slim’s company is a leader in integrated telecommunications services in Latin America. It is one of the largest in the world in terms of mobile subscribers and offers its services in 25 countries covering the regions of Latin America, Central Europe, Eastern Europe, and the United States.

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 Carlos Slim: the engineer who became the ‘owner’ of the Mexico

With a very broad business vision, Carlos Slim Helú was able to transform a real estate company into the powerful Grupo Carso, an empire that embraces sectors as distant as telecommunications and retail, making the Mexican engineer the richest person in Latin America and in the sixth in the world.

Carlos Slim’s fortune goes back to his father, the Lebanese immigrant Julián Slim Haddad, who stepped on Mexican lands in 1902. Two years after arriving in the country, Slim launched La Estrella del Oriente, a sewing store located in the city. Capuchinas street in Mexico City. Little by little, the family business grew until it had several points of sale in the city. As a result of his marriage to Linda Helú, six children were born, being the third-to-last Carlos Slim.

When, in 1953 Slim Haddad died, Carlos Slim was thirteen years old. From that age, the Mexican magnate began to take his first steps in business with the first purchase of shares of the National Bank of Mexico after saving his Sunday allowance.

In 1965, after obtaining his degree in Civil Engineering, the businessman acquired some land in Jarritos del Sur with the idea of ​​undertaking a real estate project that became the foundation of the Slim empire. A year later he married Soumaya Domit, with whom he had six children: Carlos, Marco Antonio, Patrick, Johanna, Vanessa and Soumaya.

During the decade of the seventies, Slim consolidated his business in the real estate sector, whose activity made him one of the most recognized businessmen in the country by taking over companies such as Mexican Real Estate. In 1980 he founded Grupo Galas in Mexico City, the hoding that coordinated all the operations of all the businessman’s businesses.

In the eighties, Mexico went through a severe economic crisis that led to a flight of capital. In 1982, amid the nationalization of banking and the paralysis of the country’s finances, Slim opted to buy local companies, which under his guidance recovered their rhythm.

In ten years, Carlos Slim acquired companies from different sectors such as mining with the purchase of Industrias Nacobre, as well as rescued the traditional Loreto paper mills, among many others.

In 1985, Slim took over the majority of shares in the Sanborns company, one of the most emblematic department stores in the country, taking its first steps in the retail business. Today the chain operates a commercial network of 434 centers located throughout the Mexican Republic

In May 1990, Grupo Galas changed its name to Grupo Carso. The origin of the new name of the hoding is derived from the first three letters of Carlos and the first two from Soumaya, his wife.

In 1997, Carlos Slim acquired 60% of the shares of Sears in Mexico, a network of department stores that landed in the country in 1947. Currently, Sears is the largest group in the country due to the impulse that the businessman has given him in the Mexican market in the middle of the crisis that the chain is going through in the United States, which has led to the closure of 76 stores in the last year.

In 1999, under the directive of Carlos Slim Dormit, Grupo Sanborns expanded its line of business not only in charge of departmental stores but also in the development, rental, operation and administration of shopping centers in cities such as Veracruz, Mexico City and San Luis Potosí. , among other.

Four years later, Grupo Sanborns acquired the six departmental stores with which JC Penney operated in Mexico. In 2005, the group raised the blind of the first Saks Fifth Avenue store in the Santa Fe shopping center in Mexico City.

Although he has not yet officially retired, Carlos Slim has already made the generational transfer to his three sons, who occupy the highest positions in the board of directors of Grupo Carso, although his daughters are also linked to the philanthropic and educational activities that he leads. the Slim family in Mexico.

Currently, Carlos Slim Domit is the president of Grupo Carso, Sanborns and América Móvil while his son Patrick Slim Domit holds the vice presidency of the hólding. Marco Antonio Slim Domit is the president of Grupo Financiero Inbursa and the Inversora Bursatil. Another recognized member of the family is Arturo Elías Ayub, husband of Johanna Slim, who is the director of Strategic Alliances, communication and institutional relations of Telmex.

Source: milenio, infobae, america-retail

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