MEXICO CITY (Reuters) - Mexican telecoms company America Movil plans to divest assets as quickly as possible to escape tougher regulation, and it hopes to sell to a single buyer, spokesman Arturo Elias said on Wednesday.
The company controlled by billionaire Carlos Slim announced on Tuesday that it was ready to sell assets to cut its market share in Mexican telecoms below 50 percent and escape regulations that apply only to dominant players.
Those new rules are part of a telecommunications sector overhaul approved by Congress in an attempt to curb the power of America Movil and broadcaster Televisa
Investors welcomed news of the divestiture. Shares of America Movil, which has about 70 percent of Mexico's mobile business and 80 percent of its fixed line market, rose more than 5 percent after markets opened on Wednesday.
Elias, who is Slim's son-in-law, said the company aimed to offer voice, data and video services to clients in Mexico. At present, it is barred from offering pay television in Mexico, but Elias said it planned to do so as quickly as possible.
Early on Wednesday, Congress gave final approval to secondary laws laying out the fine print of the telecoms sector overhaul. The legislation will now head to President Enrique Pena Nieto's desk to be signed into law.
(Reporting by Gabriel Stargardter and Alexandra Alper; Editing by Lisa Von Ahn)
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