January 9, 2015 / 8:15 PM / 5 years ago

Slim's America Movil to spin off Sercotel unit

MEXICO CITY, Jan 9 (Reuters) - Carlos Slim’s fixed-line and mobile telecommunications company America Movil will spin off a holding company known as Sercotel, according to an announcement in Mexico City’s daily gazette on Friday.

Shareholders in Sercotel, which is a fully-owned subsidiary of America Movil that is listed in regulatory documents as a holding company, agreed to the spinoff at a meeting on Jan. 7., the announcement said.

Sercotel will have 30.427 billion pesos ($2.08 billion) in assets, according to the announcement.

The move is a “simple reorganization” to make America Movil’s corporate structure more efficient, a spokesman for the company said in an email, without elaborating.

Mexican regulators have been cracking down on America Movil in a bid to force it to open up its infrastructure for use by competitors.

The company has said that it will sell assets and spin off its cellular towers to cut its a market share below the 50 percent threshold set by Mexico’s regulator.

America Movil shares were up 0.79 percent at 16.56 pesos in afternoon trading. ($1 = 14.5960 Mexican pesos) (Reporting by Elinor Comlay and Tomas Sarmiento; Editing by Christian Plumb)

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