Slim to Take Inmuebles Carso Private in $510 Million Deal

Billionaire Carlos Slim offered to buy out other investors in his real-estate firm, Inmuebles Carso SAB, in a deal worth 6.6 billion pesos ($510 million).

Slim’s investment firm, Inmobilaria Carso, offered 15 pesos a share for the 19.55 percent of outstanding stock that’s in other hands, according to a filing today. The board hired an outside expert to review the proposal, which represents a premium of 12 percent over the stock’s closing price last week.

The transaction would let Slim, the world’s second-richest person, take full control of shopping malls, hospitals and apartment buildings across Mexico. The assets include the Mexico City towers that serve as headquarters for his biggest company, America Movil SAB.

Inmuebles Carso shares jumped 11 percent to 14.86 pesos in Mexico City trading, the highest closing price in more than eight months. Through last week, the stock had climbed 18 percent since the company was spun off in 2011 from Slim’s holding company, Grupo Carso SAB.

America Movil, Slim’s wireless carrier, said today it’s spinning off its wireless towers in Mexico. The towers are on top of a significant portfolio of real estate properties owned by Slim, Gregorio Tomassi, an analyst at Banco Itau BBA, said in a note this month. The billionaire, who with his family owns a majority of America Movil shares, could spin off the towers into a real estate investment trust, which would be profitable by leasing to competitors, Tomassi said.

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