Reuters: Mexico’s Ventura Capital Offers $60 Million for Maxcom

(Reuters) – Mexican private equity firm Ventura Capital Privado said on Friday it had offered close to $60 million to acquire Maxcom, as part of the telecoms company’s restructuring process.

Maxcom, which competes in Mexico with Carlos Slim’s phone company America Movil, said a U.S. court earlier this month authorized the company to go ahead with a recapitalization plan led by Ventura Capital.

The private equity group has offered up to 763.8 million pesos ($58.87 million) for Maxcom, according to a filing with Mexico’s stock exchange.

The offer expires on Sept. 26.

Maxcom, which provides business and residential phone services along with pay TV and other services in major Mexican cities, said in a statement earlier this month it is hoping to emerge from Chapter 11 protection by early autumn.

Mexico’s government this year approved a sweeping telecom reform bill that could help smaller phone companies such as Maxcom expand in a market where America Movil controls about 70 percent of mobile lines and 80 percent of fixed phone lines.