America Movil Buys Hutchison

Mexican mobile phone giant America Movil announced that it will buy the Paraguayan unit of Hong Kong-based Hutchison Telecom for an undisclosed sum, though the deal is subject to the approval of Paraguayan authorities. The purchase is part of America Movil’s broader strategy of expanding operations throughout Latin America. The company plans to invest $2 billion in the region this year, mainly in Mexico and Brazil.