Big changes are coming for the telecommunications market in Mexico. The country’s National Antitrust Commission just gave the thumbs up for Telefónica to sell its local Movistar business to Melisa Acquisition. The deal is valued at about 400 million euros, or 450 million dollars, marking a major step for the Spanish company as it looks to exit the Mexican market entirely.
The regulator approved the move with a clear majority, deciding that this takeover won’t harm fair competition in the industry. While the deal isn’t officially closed quite yet, it is now in the final stages. Both companies are just finishing up the last bits of paperwork before Melisa Acquisition takes full control of Movistar Mexico.