América Móvil Acquires PRT

Mexican mobile telephony group América Móvil has completed the acquisition of 100% of Puerto Rican telecoms operator PRT, AMX said in a statement.

US telco Verizon Wireless owned 52% of the stock while, the Puerto Rican government owned 28%, the largest bank Banco Popular 13% and company workers owned 7% of PRT equity.

On March 27, US telecoms regulator FCC granted conditional approval for AMX to acquire Verizon's 52% stake conditioning approval on an "expedited investment" of US$1bn in PRT's infrastructure over the next five years.

"We are sure that the fixed line unit will remain with the same name while the mobile business will be renamed under the Claro brand," consultancy Signals Telecoms Consulting president José Otero told BNamericas.

"I think AMX will continue with plans to launch IPTV in Puerto Rico and will aggressively promote broadband services in the country as broadband penetration in the country is very low," he said.

Otero also considered the entry of AMX to the local market will put much pressure on Movistar Puerto Rico and SunCom, two companies with many financial problems.

AMX became the first foreign company to acquire a US-controlled mobile operator in a US territory."

Posted to the site on 2nd April 2007