América Móvil, S.A.B. de C.V. [NYSE: AMX | AMOV], announced Wednesday that shareholders representing approximately 98 percent of its capital stock approved the spin-off of all telecommunications towers and other associated passive infrastructure deployed in certain Latin American countries where it operates. By virtue of the spin-off, AMX will contribute to Sitios Latinoamérica, S.A.B. de C.V. a portion of its capital stock, assets and liabilities, mainly consisting in the shares of AMX’s subsidiaries holding telecommunications towers and other associated infrastructure.
The spin-off is subject to customary conditions and adjustments for corporate reorganizations and shall comply with applicable requirements under the laws of Mexico and of the jurisdictions where the telecommunications towers are located. Once the split-up becomes effective, Sitios Latam is expected to own approximately 36,000 telecommunications towers located in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Dominican Republic and Uruguay.
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