ALFA S.A.B. DE C.V: ALFA reports that Axtel redirects efforts to attract strategic proposals for its two separate business units

Alfa S.A.B. de C.V. issued the following announcement on Dec. 21.

• Axtel managed to attract a high number of participants in the competitive sales process.

• The current competitive process concludes after evaluation of offers received by the entire Company.

• Axtel continues to search for strategic alternatives in the best interest of shareholders.

• Sale of Axtel's Infrastructure Unit among strategic alternatives.

• ALFA maintains a focus on promoting the autonomy of its subsidiaries and reducing its debt.

San Pedro Garza García, NL Mexico, December 21, 2020.- ALFA SAB de CV (BMV: ALFA) (“ALFA”) reported today that Axtel, SAB de CV (BMV: AXTEL) (“Axtel”, “Company” ) completed its competitive sales process. Axtel was able to attract a double-digit number of participants in its competitive process, designed to obtain strategic proposals from its Infrastructure unit or the entire Company. Based on a high number of preliminary offers in phase I, Axtel chose to advance to phase II with proposals received throughout the Company.

After a thorough evaluation process, its Board of Directors determined that it would be in the best interest of the shareholders to redirect efforts to attract strategic proposals for its two separate Business Units (Infrastructure and Services) and keep all options open to maximize value.

Axtel has the indispensable infrastructure and proven capabilities to achieve its goal of value maximization, driven by its advanced functional separation process and the solid position of its two Business Units (Infrastructure and Services) to capitalize on the increase in demand for connectivity and services related to virtual collaboration and digitization.

ALFA will continue with initiatives that promote the autonomy of its subsidiaries and the reduction of debt as part of the gradual and orderly transformation process to unleash its great value potential. ALFA reiterates its commitment to reduce debt through the possible sale of Axtel's Infrastructure Unit or other related strategic alternatives.

Original source can be found here.