- This completes the process which establishes ALTÁN Networks as the operator of Red Compartida.
- The Company, with an initial capital of 1,000 million pesos, will hold all the equity and the debt for the roll-out of the project, as well as all related revenues.
Mexico City, 30 March 2017. ALTÁN Redes announced today the creation of the Red Compartida Trust Company (“Fideicomiso”). This step completes the administrative process in relation to the mandate awarded through the public tender in November 2016, and the signing of the Public-Private Partnership in January.
The Company, with an initial 1,000,000,000 MXN (one billion Mexican Pesos) of capital, will hold all the equity and debt for the development of the project, as well as future revenues. In addition, it has a Reserve Fund linked to the proposed coverage, which will act as a guarantee in relation to Red Compartida meeting the roll-out obligations as established in the tender.
The Trust has been established by ALTAN Redes, all its shareholders and by the agent bank representing the financial creditors; as well as the Company securing the guarantee of compliance; Scotiabank Inverlat will act as Trustee.
“Today’s announcement is a milestone that brings to life the Red Compartida project. We will enable Mexico to boast the best mobile network in the world with 4G-LTE technology. Red Compartida will boost the competitiveness and the growth of the Mexican economy” stated Eugenio Galdón, Chairman of ALTÁN Redes.
Under the leadership of the Subsecretariat of the Ministry of Communications, the tender process of Red Compartida formally started in January 2016 with the publication of the international tender rules, that established the requirements to take part in the process as well as the awarding criteria.
The deadline for submission of bids was October 2016 and the winner selection process began.
In November 2016, the tender was awarded to the Altán consortium, today ALTÁN Redes, SA de CV SAPI, creating the Public-Private Partnership with the Mexican body responsible for fostering investment in the telecom sector (PROMTEL).
The entire process has been supervised by Transparencia Mexicana and the public notary, and has met the highest standards of transparency and independence, in line with international tender process best practises.
Red Compartida, once fully deployed, will provide mobile broadband coverage with the world’s leading technology to at least 92.2% of the Mexican population, doubling the current level of coverage of this service, and essential for the development of the country. Red Compartida will make available to Mexico the most modern mobile broadband network with 4G-LTE technology available in the world.