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América Móvil SA de CV was established in September 2000 in a spin-off from Mexican incumbent telecommunications operator, Teléfonos de México SA de CV (Telmex). The spin-off was implemented using a procedure under Mexican corporate law called escisión or split-up. The shares of América Móvil were delivered to Telmex shareholders in February 2001.
América Móvil is a Mexico-based holding company owning majority stakes in wireless and fixed-line operations in nine central and Latin American markets. The company claims to be the largest provider of wireless communications services in the region - with almost 54.1 million customers at the end of September 2004 - and one of the 10 largest mobile operators in the world, as of 2003. The company’s core business is Telcel, the former mobile communications division of Telmex.
América Móvil operates under one segment, namely, cellular services. However, the company reports its revenues under its eight geographic segments - Mexico, Guatemala, Ecuador, Colombia, Brazil, Argentina, El Salvador, and the US.
The company is majority-owned by América Telecom SA de CV, a company that is headed by Mexican businessman Carlos Slim Helú, who is also the controlling investor in Mexico's incumbent national fixed-network operator, Telmex.