Mexico’s Alfa Plans Spinoff of Axtel Stake After Sale Floundered

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June 27, 2022, 4:02 PM

Mexican conglomerate Alfa SAB said on Monday it planned to spin off its stake in telecommunications unit Axtel SAB after struggling to sell the company since 2020.

Alfa’s board approved the plan that will be put to a shareholder vote on July 12, according to a filing with the Mexican exchange. Alfa shareholders would get shares in a new company that will be listed on the Mexican exchange alongside Axtel shares, the filing said. Alfa did a similar spinoff operation in late 2020 with its stake in auto parts maker Nemak SAB where the two shares were eventually combined.

Alfa, …