América Móvil announced the merger between AM Telecom Americas, which controls Claro, mobile phone brand in the country, with Controladora de Servicios de Telecomunicaciones (Consertel), which will continue to exist.
"The merger shall be fully effective after the date of this agreement, after approval by the National Telecommunications Agency (Spanish: Agência Nacional de Telecomunicações, Anatel), the regulating body for telecommunications in the Federal Republic of Brazil, in connection with the corporate restructuring of companies belonging to grupo América Móvil in said country," reveals the merger announcement.
The operation will involve a capital injection of US$ 3.439 billion. América Móvil and Amov I, shareholders of AM Telecom Americas, will have 47.1 million Class II shares of Consertel.