Webster (left) and McBurnett (right)

Carlos Slim, said to be the richest man in the world, is buying stakes in Jamaica's Oceanic Digital Jamaica Limited, operating as MiPhone.

On Thursday, Oceanic Digital Jamaica Limited (ODJ) announced in a press statement that the Carlos Slim-owned América Móvil S.A.B. de C.V. (AMX), largest cellular phone operator in Latin America, reached an agreement in principle to acquire it.

Chief financial officer of Oceanic Digital Communications, parent company of ODJ, Mary E. Thomas, said the completion of the deal was subject to regulatory approvals and other conditions. It is expected to close during the fourth quarter of this year. Unable to contact Ms. Thomas, The Sunday Gleaner was unable to get information on the intended sale price to América Móvil, or the company's expansion plans.

Excited about acquisition

Chief executive officer of ODJ, Craig McBurnett, said: "We are excited about the acquisition. We believe the purchase of the company by Américan Móvil will enable MiPhone to continue as the leader in innovative telecommunication services on the island, and to move forward with its strategy to provide the most technologically advanced array of telecommunications services and products to our customers."

McBurnett said that there would be no immediate changes to any of the services currently enjoyed by MiPhone customers or customers of any of MiPhone's marketing partners.

In an interview prior to the announcement, chief operating officer at MiPhone, Colin Webster, said that MiPhone had long-term plans to penetrate the Central and Latin American markets.

"We really don't have a strong presence or network in Latin America, Puerto Rico and the Dominican Republic. We are seeing more business ties developing there, so we are on the road map to penetrating those markets," he said.

MiPhone is Jamaica's exclusive CDMA wireless service provider that enables Jamaicans to have a completely wireless voice and data lifestyle through its robust islandwide network. It was launched in 2004.

América Móvil is the leading provider of wireless services throughout Latin and Central America and operates in 16 countries. The Mexican company specialises in utilities with a strong subindustry in telecommunications across the region, Spain and the United States. At June 30, 2007, América Móvil boasted 137 million wireless subscribers and 3.8 million fixed lines from Mexico to Argentina.

The América Móvil group has licence to construct, install, operate and manage public and private networks and provide telecommunications services for fixed-line and mobile phones in all its operating countries except the United States. It employs 24,860 persons and made sales of US$21.4 billion last year. The company also trades on the New York Stock Exchange.

susan.gordon@gleanerjm.com