America Movil Buys Smartcom

Mexican wireless phone operator America Movil bought Chilean telecoms group Smartcom from Spain´s Endesa for $505 million. America Movil, owned by Mexican magnate Carlos Slim, said the purchase expands its client base in Chile by 1.7 million subscribers. The company has been snatching up companies throughout South America and now has 74 million cell phone subscribers throughout Latin America. In Mexico, the company operates under the brand Telcel and has 32.2 million clients.