America Movil announced Thursday it has entered into a stock purchase agreement with GE Satellite Holdings LLC and its affiliates, to acquire 20% of the shares representing the capital stock of StarOne S.A.

StarOne is a Brazilian company that provides satellite services in Brazil. Empresa Brasileira de Telecomunicações S.A. (Embratel), subsidiary of AMX, currently owns the remaining 80% of the shares representing the capital stock of StarOne.

The completion of the transaction is subject to regulatory approvals in Brazil, and is expected to take place during the third quarter of 2011.

AMX is the leading provider of wireless services in Latin America. As of December 31, 2010, it had 225 million wireless subscribers and 51.5 million fixed revenue generating units in the Americas.

América Móvil is a telecommunication company headquartered in Mexico City, Mexico. It is the fourth largest mobile network operator in terms of equity subscribers, one of the largest corporations in Latin America, and the world.

A venture of Carlos Slim Helú, América Móvil provides services to over 215 million wireless subscribers in the American continent, primarily in Latin America and the Caribbean. The firm has operations in 18 countries in the Americas with more than 225 million mobile customers and over 28 million fixed lines.

Its services serve a combined populace of 823 million, inclusive of 13 million fixed broadband accesses and more than 10 million television subscribers.

Its Mexican subsidiary Telcel is the largest mobile operator in Mexico, commanding a market share in excess of 70 per cent. In the United States, it operates under the trademarks TracFone, Net10, and Straight Talk, and is the leading national pre-paid wireless service.

It operates in various countries in the Caribbean and Latin America such as Jamaica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Peru, Argentina, Uruguay, Chile, Paraguay, Puerto Rico; Comcel Colombia in Colombia; and Porta in Ecuador. In Brazil it operates the trademark Claro.

In January 2010 America Movil, the largest mobile Telecom in Latin America, made an offer to buy Telmex and Telmex International in order to better compete against Spain’s Telefonica. The acquisition was approved by the CFC (Comisión Federal de Competencia) Antitrust Office in Mexico on February 11, 2010. America Movil was once the mobile arm of Telmex, but since 2001 America Movil was split off and grew bigger than the former parent company.