America Movil pledges billions for Claro Brazil

America Movil pledges billions for Claro Brazil

Claro Brazil will reportedly gain a US$7.7 billion cash injection over the next five years to upgrade fibre optic and 5G networks in Brazil.

This was according to BN Americas, which reported Carlos Slim, the multi-billionaire owner of America Movil and parent company of Claro, told Brazilian President Luiz Inacio Lula da Silva of the plan last week.

Attending this meeting was also America Movil Chairman Carlos Slim Domit, and Claro Brasil CEO Jose Felix and other executives from the group. Slim Helu said America Movil had invested around US$9.6 billion in Brazil in the past five years, and the South American country had become the group’s main market, surpassing Mexico.

BN Americas reported the company had cut back on capex in its Latin American market after completing the purchase of its share in rival Oi’s mobile unit and 5G spectrum. The company’s capex outlay in 2023 stood at US$8.5 billion, with the target of trimming that figure down to US$7 billion this financial year.

Brazil’s largest fixed broadband provider is Claro with 20.9% of the market, according to regulator Anatel.

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