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Mexico's Slim seeks bigger slice of US phone market

Friday, May 11, 2012

América Móvil, the telecommunications company owned by Mexican billionaire Carlos Slim, intends to boost its presence in the United States with the purchase of California-based Simple Mobile, the second planned acquisition it unveiled this week.

Fresh from offering some $3.5 billion for a bigger stake in Dutch telecoms company KPN, America Movil's US unit, Tracfone Wireless, has now targeted Simple Mobile, a mobile virtual network operator.

The offer price was in the region of $100 million and would not require América Móvil to tap debt markets.

Source: Reuters