With an investment of $7.7 billion over the next five years, America Movil will be funding a major upgrade to fiber optic and 5G services in Brazil, according to BNAmericas. After spending $8.5 billion in capital expenditures in Latin America in 2023 to purchase the mobile unit portfolio and 5G spectrum from Oi, the $7.7 billion shows that the company is pursuing a more modest approach for 2024.
Brazilian President Luiz Inacio Lula da Silva and Carlos Slim, the multi-billionaire owner of America Movil and parent company of Claro, met recently to discuss the future of Claro Brazil. Claro is the largest provider of fixed broadband delivery in the country, according to telecom regulator, Anatel. The telecommunications agency reports that Claro Brazil controls 20.9 percent of the Brazilian market.
Joining the Brazilian president and mogul Slim were Claro Brasil CEO Jose Felix and a handful of other telecom executives. With the boost in funding, Brazil has been American Movil’s largest market, moving ahead of prior front runner, Mexico.
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