America Movil S.A.B. de C.V. (BMV:AMX L) agreed to spin-off its cellphone tower business in Mexico on July 8, 2014. The cellphone tower business will be separated into a listed company known as Telesites SAB. Under the terms of the transaction, the current shareholders of America Movil would receive the same number and series of Telesites shares as they held in America Movil. AMX ADS holders making a valid share delivery election will receive one Telesites A Share for every 1 AMX Series A ADS held as of the ADS record date.

The transaction is conditioned upon Teléfonos de México, S.A.B. de C.V. ( Telmex ) and Radiomóvil Dipsa, S.A. de C.V. ( Telcel ) ceasing to be preponderant economic agents and subject to asymmetric regulations, and being able to access the provision of convergent services. Also, the assets must be sold at market conditions at their commercial value. In addition, all cellular cites (base stations), including towers and related passive infrastructure, will be separated from Telcel for their corresponding operation and commercialization to all interested parties. Also, the implementation of the transaction is subject to certain corporate, regulatory and governmental authorizations, as well as the approval, as the case may be, of the board of directors and/or shareholders meetings of América Móvil and/or subsidiaries. Subject to regulatory approval, Telesites shares would be listed and traded on the Mexican stock exchange without there being a public offering of the stock. The distribution rate in Mexico is 1 Telesites Share for every 20 AMX Shares held as of December 21, 2015.

An Extraordinary Shareholders' Meeting will be held on April 17, 2015 to approve the transaction. As on April 17, 2015, the transaction was approved by the shareholders of America Movil S.A.B. The transaction is expected to be completed in May 2015 or June 2015. The closing of the transaction is expected to take effect by July. As of April 17, 2015, the transaction was approved by 98.2% of shareholders. The launch has been extended to September 2015. America Movil will complete the spin-off of in the week ending October 23, 2015 and shares will be distributed in November 2015. Trading in the shares of the spinoff of its Mexican wireless transmission towers will begin on December 21, 2015. On October 30, 2014, the shareholders of América Móvil approved the spin-off. National Banking and Securities Commission authorized the listing of Telesites shares on December 2, 2015. The transaction has been approved by CNBV on December 3, 2015. The company is expected to start trading on December 21, 2015. On December 21, 2015, Series L shares of Telesites SAB started trading.