After two applications to buy Telefonica in El Salvador declared ‘inadmissible’, the Salvadoran Competition Superintendence (SC) decided to accept a third America Movil request and will begin the technical, economic and legal review of the transaction, to determine if it would limit competition in some way. In a 90 business day period, the agency will define whether if the request is authorized, rejected or conditioned.
Before the request admission, the SC notified the companies on the need to complete information for this file last October 14th. On October 28th, the information requested to both companies was delivered to the SC in the legal deadlines established. With the complete application, the SC decided to accept admissibility, which was notified to América Movil and Telefónica last November 6th.
In the request, America Movil asks to acquire Telefonica El Salvador’s assets in a 99.3%, valued at USD 313 million, which was announced earlier this year together with the acquisition of Telefonica in Guatemala. The Spanish company also sold its subsidiaries in Costa Rica, Panama and Nicaragua to Millicom.