Documents show that Carlos Slim agreed to buy Mexico by Dish 325 Millions of Dollars

“Telmex, one company of Carlos Slim, has an agreement to buy / sell with satellite TV company Dish Mexico by 325 million.”

telmex.dishThis came to light this week, after being published by several financial means documents photos, certifying that Telmex can request audits and information to the company that handled by the Vargas family.

What these documents show is that from February 2012, Telmex y Dish México (owned by Grupo MVS and EchoStar) had several agreements to define both the characteristics of its contract to provide billing and collection services, as agreements to set options for purchase / sale between the two companies.

extracto-documento 1Documents appear letterhead with the logo of the firm Forastieri, and is addressed to José Luis Andrade Woodhouse, Adrian Cardenas Carlos Castro and Ortega Navarrete, Dish and detail that is required to acquire Telmex Dish before finishing this year in case of breach of the agreements, and accurate means “which are valid until 23 November 2018”, standing out: “DM (Dish Mexico) grants in favor of Teninver (Telmex) an unconditional and irrevocable option to subscribe it 51% the share capital of DM (…) Teninver for DM provides an unconditional and irrevocable option to force Teninver to subscribe 51% the share capital of DM ".
Also, Dish says the agreement makes several commitments with Telmex, among which should give information to the telephone of Carlos Slim, and that this has an option to "audit" to Dish Mexico (DM) and its subsidiaries without specifying a time limit or.

carlos_slim_Tecnologia Profesional . withFor the own side of Dish accepted in a press release that there is an option of buying Telmex, but this does not mean that there is a shareholding company of Carlos Slim, as fue communicated CNNExpansión.

A little further, Carlos Mota journalist of the newspaper El Financiero eloquently revealing Telmex Dish belaying through contracts, leave no doubt of the power exercised over Carlos Slim and Dish, since 24 November 2008, is supported by contracts that give Slim a comparable power to shareholders and a clear involvement in the operations of Dish, Telmex can even audit it.

In this way Mota try to show that it was not true what Dish claimed yet that simply the ratio of the pay television company Telmex was only administration and collection services.

If true this revelation, perhaps it could mean that the concession Dish deletion or overturn the decision of the IFT on the must-carry and must-offer that both prompted the activism of journalists and media experts to defend what, actually, is a cause of Carlos Slim, showing the daily El Financiero clashes of interests between large groups of broadcasting and telecommunications and, above all, Carlos Slim participating in the competition with clear advantages, beyond their economic capacity.

On the side of Grupo Salinas mentioned notes issued by Indigo Financial Reporting and newspapers for inclusion in the lawsuit filed last year, in stating that Dish, Telmex, Distributor of Satellite Frequencies and America Movil alleged damage and prevent competition in the pay television market, Internet Telephony finely.

The company would have asked the Salinas Pliego IFT, based on this information, Llamas to declare al director of strategic alliance of Telmex, Arturo Elias Ayub; MVS VP Communications, Ernesto Vargas Guajardo, and other managers of firms and lawyers, who were identified in the notes as José Luis Woodhouse, Carlos Cardenas Castro, Adrian Ortega y Fernando turnkey.

Returning to documents, relative to the interests specified in them, establish that if devengará reason it interests 5% annual; 2. It will be reduced by contributions made by Grupo MVS no or EchoStar under the Transaction Agreement, amounts devengarán the reason it interests 5% annum from the date on which such contributions had to be made; 3. He will be reduced by dividends paid to shareholders of DM, considering the portion of the dividend that would have corresponded to being and Telmex owner 51% de DM.

extracto-telmex-2So remedial, would have been established in these contracts Dish Mexico Holdings could "force Telmex to buy its entire stake in DM" under certain assumptions, one, for example, "During 2 consecutive quarters, 30% or more of the subscribers of pay television services Telmex (including for such purposes DM) correspond to different platforms to DM ".

It also would have established that if "exercised after 1 January 2014, will be the market value of DM "that will determine the price. Also, impondría is a punishment Telmex U.S. $ 50 million if the put option is not exercised and fewer than one million active subscribers are in the platform.

The 9 documents given to establish if the light "had not exercised any option and therefore it may not Telmex partner DM, on 1 January 2014, Telmex shall encourage and ensure that a bank of your choice, grant a loan on market terms, for a total amount of U.S. $ 325,000,000.00 ".