Mexican private equity firm Ventura Capital has made an MXN700m ($54.2m) offer for phone, internet and TV provider Maxcom Telecomunicaciones.
A filing with the US Securities and Exchange Commission said more than 44 per cent of the company’s shareholders had agreed a sale to Ventura at the offer price.
The deal will provide Maxcom with a capital increase of at least $22m to help it compete with rival America Movil, which is owned by billionaire Carlos Slim.
A statement from Venture Capital’s Enrique Castillo and Javier Molinar said, “We believe that Maxcom has significant potential to continue growing and gaining market share in Mexico.
“With a stronger balance sheet as a result of the potential debt exchange and capitalization, we plan to position the company as a leading niche telecommunications provider in the country.”
Mexico is a growing area for private equity firms as they look to gain better deals than the ones on offer in an increasingly competitive Brazilian market.
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