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Mexico-based América Móvil, the biggest telecommunications firm in Latin America, is open to acquiring the operations of its Spanish rival Telefónica in Argentina, CFO Carlos García said on Wednesday. “We are always open to see everything, and let’s see if there are synergies so that it makes sense for us,” he said Wednesday during a conference call with investors. “We can be open to review that, but we haven’t spoken with them.” His comments came after reports emerged Wednesday that Telefónica, the second-largest player in the region by revenue, is seeking to speed up the sale of the business in Argentina, as well as Colombia and possibly Peru. According to Expansión newspaper in Spain, Telefónica has signed nondisclosure agreements with potential buyers for the assets in Argentina, including América Móvil, France’s Iliad and US-based Liberty Global. Newspapers in Argentina, meanwhile, have reported that Grupo Clarín — a local media group that holds a stake in rival Telecom Argentina — and the holding companies Grupo Olmos and Grupo Werthein have expressed interest in buying the business. Telefónica reportedly hired JP Morgan to handle the estimated €1 billion ($1 billion) sale, which it wants to close “as soon as possible,” Expansión reported. The exit from Argentina, as well as Colombia and Peru, would be part of a strategy to focus on its most strategic assets, according to the newspaper. Telefónica is a leader in Spain and Brazil, and also has operations in Germany, the United Kingdom and other parts of Latin America. Telefónica did not respond to questions for this report.
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