Mexican telecommunications mogul and owner of America Movil, Carlos Slim, said on Monday its U.S. subsidiary Tracfone Wireless Inc. signed an agreement to acquire the assets of Start Wireless Group.
Reports say the price of the transaction was not revealed but a statement said Tracfone Wireless will acquire the assets of Start Wireless, an Ohio-based mobile virtual network operator that provides prepaid voice, messaging and data plans to 1.4 million customers.
Pending approval of regulator the deal should be completed in the second quarter.
A mobile virtual network operator (MVNO) does not own or operate wireless equipment. Instead, it buys services from carriers in bulk and sells packages to retail customers.
America Movil owns fixed-line and mobile phone businesses as well as Internet and cable television services in 17 Latin American nations and the United States.
Maybe this will give Slim the advantage he needs to require the number one spot for richest man in the world again.
It was reported that after 5 years of beating Bill Gates for the richest man in the world title Slim has lost the title to gates this year.
Fox Latino reports Gates regained the title after Microsoft shares closed at a five-year high Thursday for the second time this week, taking his fortune to $72.7 billion - some $550 million more than Slim's net worth.
In the last 12 months, Microsoft shares rallied 28 percent, while Slim's America Movil shares dropped 14 percent so far this year, deleting more than $3 billion from the 73-year-old mogul's net worth.
Carlos Slim's fortune decline is attributed to a bill passed recently by Mexican Congress aimed at deregulating the country's telecom industry.
The reforms introduced in March raise or even eliminate limits on foreign investment and form a new independent regulatory commission along the lines of the U.S. Federal Communications Commission, with the power to unilaterally punish non-competitive practices.
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