Colombia sets a limit on Slim in airwave auction

America Movil, the mobile-phone carrier controlled by billionaire Carlos Slim, has to face limits in Colombia so the country can open up to potential new investors such as DirecTV, the nation’s top telecommunications official said.

To boost competition, Colombia’s government must partially exclude America Movil from an auction of airwaves next year that would allow mobile-phone companies to upgrade their networks to offer faster 4G service, Information Technology and Communications Minister Diego Molano said.

The proposal, which awaits public comment, strikes a blow against America Movil, the largest mobile-phone company in the Americas by subscribers, in a country that is its third-largest and third-most profitable market.

Source: Bloomberg