America Movil acquires Telecomunicaciones de Puerto Rico

America Movil acquires Telecomunicaciones de Puerto Rico

Mexican cell phone operator America Movil has announced that they have acquired the Telecomunicaciones de Puerto Rico.

Telecomunicaciones de Puerto Rico is a major telecom player on the Puerto Rico Island and it would help the Mexican giant to expand its presence in the region.

They had last year acquired 52 percent stake in the firm from the US based telecom giant Verizon Communications. The latest deal has them acquiring 100% stake in the company.

America Movil bought this additional stake from Verizon, a bank, company employees and Puerto Rico’s government. They have not revealed the financial aspects of this acquisition deal.

With this, the company now has a decent presence in this new market which should help them expand their revenue avenues.