America Movil, which operates the Cellphone company Claro, has withdrawn from a deal to acquire Digicel's operation in El Salvador.
Although the agreement was finalised between the two parties, it emerged Digicel had consented to America Movil withdrawing from the deal.
The deal for America Movil to acquire Digicel's Salvadoran and Honduran businesses was struck in March.
Digicel acquired America Movil’s Claro network in Jamaica, as part of the agreement.
One reason for the deal’s cancellation, may be that the El Salvador competition regulator, had stipulated that America Movil would have to relinquish 20 megahertz of spectrum, for the deal to get the green light.
America Movil has a major presence in Latin America and is currently expanding into Europe.
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