America Movil (AMX) Taps Banker to Assist in Sale of Certain Phone Assets (T)
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America Movil (NYSE: AMX) is ticking higher Tuesday following reports last weekend that the company is looking to unload certain assets.
According to Bloomberg, America Movil tapped Bank of America (NYSE: BAC) to sell parts of its Mexican phone operations to get market share below 50 percent, which would help the company avoid new regulation aimed at stemming the company's dominance in the region.
Potential buyers include AT&T (NYSE: T) and Japan's SoftBank.
America Movil announced plans to sell certain assets last July. The deal will only win approval if a buyer is a new entrant into the Mexican market, aimed at stimulating competition.
While America Mobil hasn't disclosed the amount of assets it plans to sell, some see the company raising $4 billion or more in a potential deal.
Shares of America Movil are up 1.5 percent.
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