América Móvil is a Mexican telecommunications corporation headquartered in Mexico City, Mexico. It is the 7th largest mobile network operator in terms of equity subscribers and one of the largest corporations in the world. América Móvil is a Forbes Global 2000 company. As of Q1, 2019, América Móvil had 277.4 million wireless subscribers, and 84.3 million fixed revenue generating units (“RGUs”, consisting of fixed voice, fixed data and Pay TV units).[4]
América Móvil was created in 2001 when Telmex spun off its wireless mobile activities from its landline and internet activities.[5]
On November 15, 2005, the company signed an international pact with Ooredoo to jointly deliver various international services.[citation needed] In 2006, América Móvil made a bid to acquire Verizon’s Latin American and Caribbean operations[6] and unified its brands (Comcel Colombia, Porta in Ecuador, Telcel in México, Tracfone in the US and CTI Movil in Paraguay, Uruguay and Argentina) under Claro unbrella.[7] América Móvil acquired 100% of Jamaican mobile operator Oceanic Digital, under the brand name MiPhone in August 2007.[8] By 2007, América Móvil’s valuation was over $100 billion.[9] In the US, its prepaid mobile subsidiary Tracfone had 8.6 million customers.[10] 2007 was also the year América Movil’s owner Carlos Slim became the richest person on the planet.[11] In 2008, América Móvil launched the iPhone in Latin America.[12] In 2009, América Móvil partnered with Nokia to use Nokia maps as its location-based service in Latin America.[13] The group also launched the first Android phone in Latin America.[14]
In January 2010, it made an offer to buy Carso Telecom and Telmex International ($21 billion for Telmex[15]) in order to better compete against Spain’s Telefonica and Malaysia’s Telekom Malaysia. The acquisition was approved by the CFC (Comisión Federal de Competencia) Antitrust Office in Mexico on February 11, 2010. América Móvil had once been Telmex’ mobile division, but had grown far larger than its former parent since its spinoff in 2001.[16]
In early August 2013, América Móvil offered to take over the remaining 70% stake of the Dutch telecommunications company KPN for 7.2 billion Euros ($9.49 billion). América Móvil currently owns close to 30% of KPN. The Dutch government has warned against this acquisition quoting it as a threat to national security. The Dutch government’s intervention comes after the council representing employees of KPN urged authorities to halt América Móvil’s planned bid.[17]
In 2018, the company’s chief executive Daniel Hajj announced that América Móvil is seeking a TV license in Mexico.[18]
In January 2019, America Movil announces the acquisition of Telefonica’s operations in Guatemala and El Salvador for $333 million and $315 million respectively. However, the agreement for Telefonica Moviles and Telefonica Multiservicios in El Salvador, under the Movistar brand, was cancelled by mutual agreement with Telefonica in 2020 due to the conditions imposed by the monitoring of competition in El Salvador.[19][20]