America Movil Awaits Foreign Opportunity

America Movil, the regional telecoms powerhouse, is still looking for an acquisition target outside LatAm. “There is really nothing we are contemplating at present,” says America Movil CFO Carlos García Moreno. “There doesn’t seem to be anything particularly compelling out there,” the executive tells LatinFinance. America Movil is generating a cash mountain from its dominance of the booming LatAm mobile phone market and overseas expansion is the likely next step. The Mexico-based company aims to acquire half of the 100 million potential mobile phone customers up for grabs in the region in the next three years and says margins are steadily rising. America Movil claims 45% market share in LatAm, with almost 140 million wireless subscribers. In 3-4 years, García predicts that four in five Latin Americans will have a mobile phone, up from one in two as of August. The region as a whole is 500m potential customers and will go to 80% penetration from 60% in the next three years, he forecasts. M&A specialists on Wall Street say they are making regular pitches to the telecom. Expansion overseas would put America Movil on the path to global power already blazed by fellow Mexican Cemex, Brazil’s CVRD and Argentina’s Techint.