America Movil, Liberty Latin America plan joint venture, markets cheer

MEXICO CITY: Mexican telecoms firm America Movil, controlled by the family of billionaire Carlos Slim, said Wednesday it would combine its Chilean operations with Liberty Latin America in a joint venture, lifting their shares as markets saw hints of 5G progress.

The transaction combines the complementary operations of Claro Chile, the Chilean subsidiary of America Movil, and VTR, Liberty Latin America’s provider of high-speed products like broadband and Pay TV, the companies said in a joint statement.

The joint venture “will enable significant investment for fixed fiber footprint expansion and to be at the forefront of 5G mobile delivery,” it said.