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MarketScreener Homepage  >  Equities  >  Mexican Stock Exchange  >  América Móvil, S.A.B. de C.V.    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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America Móvil B de C : América Móvil to sell Tracfone to Verizon

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09/14/2020 | 08:15am EDT

"América Móvil to sell Tracfone to Verizon"

Mexico City, September 14, 2020. América Móvil, S.A.B. de C.V. ("AMX" o "America Movil") [BMV: AMX] [NYSE: AMX | AMOV], announced today that it has entered into an agreement with Verizon Communications Inc. ("Verizon") to sell its 100% interest in its subsidiary TracFone Wireless, Inc. ("Tracfone"), the largest mobile virtual prepaid service operator in the United States, serving 21 million subscribers.

The agreed purchase price payment at the closing is Us$6,250 million, of which one-half will be in cash and the other in Verizon stock. In addition, following the closing, Verizon shall pay to AMX: (i) up to Us$500 million as an earn-out if Tracfone continues to achieve certain performance measures during the 24 months following the closing, calculated and paid in 4 consecutive 6-month periods, and (ii) Us$150 million deferred commercial consideration payable within two years following the closing.

AMX will continue to benefit from EBITDA generated by Tracfone during fiscal year 2020 and until the closing date of the transaction.

The closing of the transaction is subject to customary conditions for this type of transactions, including obtaining required governmental approvals. Parties expect the closing to occur during 2021.

This press release contains certain forward-looking statements that reflect the current views and/or expectations of AMX and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. AMX is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

América Móvil SAB de CV published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 12:14:09 UTC


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Financials
Sales 2020 1 021 B 48 428 M 48 428 M
Net income 2020 42 591 M 2 021 M 2 021 M
Net Debt 2020 676 B 32 078 M 32 078 M
P/E ratio 2020 27,2x
Yield 2020 2,81%
Capitalization 922 B 43 725 M 43 732 M
EV / Sales 2020 1,57x
EV / Sales 2021 1,48x
Nbr of Employees 186 835
Free-Float 47,8%
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Technical analysis trends AMÉRICA MÓVIL, S.A.B. DE C.V.
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 17,71 MXN
Last Close Price 13,88 MXN
Spread / Highest target 44,1%
Spread / Average Target 27,6%
Spread / Lowest Target 8,07%
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Managers
NameTitle
Daniel Hajj Aboumrad Chief Executive Officer & Executive Director
Carlos Slim Domit Chairman
Carlos José García Moreno Elizondo Chief Financial Officer
Luis Alejandro Soberón Kuri Director
David Antonio Ibarra Muńoz Independent Director
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