Jan

Carlos Slim Buys Businesses From Rival Telefonica for $648 Million

Telefonica sells Guatemala, El Salvador units to America Movil
Both companies have been battling for years in Latin America

Carlos Slim’s phone empire is set to grow larger with the purchase of operations in Guatemala and El Salvador from longtime rival Telefonica SA.

America Movil SAB will buy all of Telefonica’s Guatemalan operation and 99.3 percent of those in El Salvador for $648 million, the Mexican telecom giant said in a filing Thursday. The deal is subject to regulatory approval…

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Carlos Slim Buys Businesses From Rival Telefonica for $648 Million

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