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América Móvil's Management Discusses AMX´s Strategy On Potential Acquisitions In Europe Conference (Transcript)

But the fact of the matter is that we are expecting to continue to see good growth in data services and the expectation that this growth will pick-up particularly in mobile requires more investment on the fixed-line side. So we are today basically deploying more fiber optic very much across the board and we are moving towards the segmentation of new technologies. We are very close to launching in Mexico our 4G network. We’ll be doing the same with some countries in the Caribbean too.

But having acquired the Comcel first and then the Telcel and the Telmex shares, and the Telmex Internacional shares over the last couple of years and also the same with Net Serviços. Looking at the region, you will not see very many more meaningful M&A opportunities. That’s partly because we have already a very well established footprint in the region. There is not many more places to go to. In South America, we are not in the (inaudible) we currently do not have any plans of going there.

And in terms of consolidating assets, well there is not that many more assets that we could buy partly because of regulatory reasons and partly because there is not that many more assets in Latin America. So from the point of view of M&A, not of organic growth, from the point of view of M&A, we were going out of meaningful opportunities here in Latin America.

Now for all of you that have been with América Móvil for some time, you know that M&A was actually for América Móvil it allowed us to diversify. We are evaluating today and the risk. They have allowed us to have more stable catalog. It also gave us scale which is strictly important in this business and in time, the scale and the diversification led to better credit ratings and that meant, that we actually pickup the markets and better funding conditions, which is we could end up becoming positively. So M&A resulted in diversification scale and better credit ratings and that in turn is allowing us to continue with more M&A.

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