America Movil moved its towers and related assets across several Latin American countries into an independent company, with the new business set to sell access to the infrastructure to other players in its markets.
The move was announced in 2021, and covers towers and related infrastructure in Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Puerto Rico and Uruguay.
Across the markets, newly-founded business Sitios Latinoamerica owns more than 29,000 towers with 39 per cent of these in Brazil. The new company is headquartered in Mexico, with shares in it allocated to existing America Movil shareholders.
Sitios Latinoamerica will focus on operating and promoting availability of the assets, and expanding its footprint with new towers.
Alongside announcing the completion of its separation from America Movil, a stock market statement revealed Sitios Latinoamerica had started construction of towers in Peru.
On first detailing its intention to spin-off the business, America Movil explained it was an attempt to maximise the value of its infrastructure.
The move is in line with operator attempts across a range of markets to cash in on their towers through selling them completely, offering stakes to investors, or spinning them off into independent companies and leasing out access.