NEW YORK (TheStreet) -- American Movil SA de CV (AMX) , Latin America's largest wireless provider, hired Bank of America Corp. (BAC) to sell phone assets as part of a breakup plan to appease Mexican lawmakers, sources told Bloomberg Businessweek.
America Movil, controlled by billionaire Carlos Slim, is seeking to sell parts of its Mexican operations to cut the company's market share below 50% and avoid new regulations designed to rein in its dominance, Businessweek said.
The company has 70% of Mexico's mobile subscribers and about 80% of its landlines.
Shares of American Movil closed at $24.51 on Friday.
TheStreet Ratings team rates AMERICA MOVIL SA DE CV as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICA MOVIL SA DE CV (AMX) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, growth in earnings per share, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."