By Giulia Petroni

Telefonica SA said late Thursday that the deal to sell 99.3% of its unit Telefonica Moviles El Salvador, SA de CV to America Movil, SAB de CV has been scrapped due to regulatory issues.

The Spanish telecommunications company said the decision was mutual and came after careful consideration of the conditions to obtain regulatory approval for the transaction.

America Movil is the Mexico-based telecom giant controlled by magnate Carlos Slim.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 04, 2020 02:02 ET (06:02 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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