America Movil: Small But Strategically Sound Acquisition in Peru, Consolidating The Fixed Market

Research evidence excerpt

America Movil: Small But Strategically Sound Acquisition in Peru, Consolidating The Fixed Market

J P M O R G A N Latin America Equity Research

21 July 2026

America Movil Neutral

AMX, AMX US

Small But Strategically Sound Acquisition in Peru, Price (20 Jul 26):$26.10

Consolidating The Fixed Market

LatAm Technology & Telecom /

AMX announced the acquisition of Wow Peru, the 4th largest broadband player and Education

the 2nd largest on fiber. Albeit small versus AMX’ size, we see this acquisition as Marcelo Santos, CFA AC

strategically sound as it consolidates the fixed market in that country and AMX (55-11) 4950-3708

now emerges as the undisputed leader with 39% broadband share, in addition to its marcelo.p.santos@jpmorgan.com

already leading share of 35% in mobile. Further, we believe this is part of AMX’s Livea Mizobata

broader M&A strategy in markets that could see some consolidation. No valuation (55-11) 4950-3604

livea.mizobata@jpmorgan.com

details were disclosed, but we believe it is very small versus AMX' size and cash Banco J.P. Morgan S.A.

position.

• Strategic rationale - M&A to consolidate markets. AMX had shared in its

Investor Day in May (see here) that M&A and consolidation were a key focus

for the company, seeking opportunities in Brazil and Eastern Europe, so the

acquisition to consolidate the broadband market in Peru does not come as a

surprise on the rational.

• No valuation details were disclosed, but should be small versus AMX' size

and cash position.

• Broadband market in Peru — AMX emerges as leader. Claro is the leader

with 27% share, followed by Movistar with 25%, Win with 19% and then Wow

with 12% share. In 2025, Wow was the second largest player in FTTH with 22%

share and 83% fiber penetration in their base, only behind Movistar with 24%

share.