America Movil (AM), the largest wireless operator in Latin America, has moved to acquire control of Mexico’s Telmex with a US$6.5 billion tender offer for the remaining 40% of Telmex shares it does not already own. Launched on Monday, the offer would complete consolidation of the various Latin American telecom holdings of billionaire Carlos Slim. That consolidation began last year with AM’s acquisition of Telmex International and Carso Global Telecom, the holding company of Telmex, in a $23 billion cash and stock deal that also gave AM its current 60% stake in Telmex. The proposed buyout would also bring AM—a one-time wireless unit of Telmex—full circle after its spin-off in 2001 from the former Mexican fixed-line phone service monopoly. The offer, which includes Telmex American depositary receipts, would provide Telmex shareholders with 10.50 pesos (US$0.90) in cash for each Telmex share owned. AT&T, which is among the affected shareholders, confirmed that it would receive $1.37 billion for its 8.5% Telmex stake. Sources also indicate that the offer represents an 11% premium over the average price of Telmex shares during the last 30 trading days. Upon completion and receipt of regulatory approvals, the deal would enable Telmex to offer a triple-play package of wireless, fixed line and Internet services to Mexican customers that would offset the company’s declining wireline telephony revenues. In comments regarding the proposed transaction, an official of AM predicted that his company “will be in a position to provide better conditions and more advanced telecommunications services to its customers in Mexico.”