U.S.-Led Consortium Agrees to Acquire Movistar Mexico to Build the Country’s Next-Generation Telecom Operator, Powered by OXIO’s Telecom-as-a-Service Platform

Transaction positions Movistar Mexico to accelerate its transformation into a digitally driven operator while continuing to serve customers under the Movistar brand and with its existing leadership team

• Movistar Mexico to continue operating under the Movistar brand and the existing leadership team

• OXIO’s Telecom-as-a-Service platform will support the company’s transition to a cloud-native, digitally driven operating model

• The transaction remains subject to closing conditions between the parties and customary regulatory approvals 

NEW YORK--(BUSINESS WIRE)--OXIO Inc. and Newfoundland Capital Management today announced that a U.S.-investor consortium, led by both parties, has entered into an agreement to acquire Movistar Mexico from Telefónica S.A. (BME: TEF), the Madrid-listed global telecommunications company. The transaction positions Movistar Mexico for its next phase of growth, with OXIO’s Telecom-as-a-Service platform supporting its transition to a more agile, cloud-native, and digitally driven operating model.

Movistar Mexico will continue to operate under the Movistar brand and will remain led by its existing management team. As the company transitions its operations to OXIO’s platform, customers can expect uninterrupted service as well as future improvements in service quality. The transaction remains subject to closing conditions between the parties and customary regulatory approvals.

“This is an exciting new chapter for Movistar Mexico, and a defining moment for OXIO,” said Nicolas Girard, Ph.D., Founder and Chief Executive Officer of OXIO. “Movistar has built a strong brand with a loyal subscriber base of more than 20 million customers, and we are committed to building on that foundation. Our cloud-native platform will support the company’s transformation into a next-generation telco, while meaningfully improving the experience for subscribers across the country.”

OXIO’s Telecom-as-a-Service platform delivers a cloud-native telecom architecture alongside AI-enabled data and business intelligence tools designed to modernize systems, improve operational flexibility, and unlock new partnership and monetization opportunities.

“Latin America has been at the core of our investment thesis since our founding, and Mexico's wireless market is among the most compelling opportunities in the region today,” said Daniel Simon, Portfolio Manager at Newfoundland Capital Management.

The transaction is underpinned by Movistar Mexico’s established market position, strong wholesale relationships, and the long-term opportunity for continued digital transformation in Mexico’s wireless sector. For years, Movistar Mexico has progressed toward an asset-light operating model while strengthening its brand and building a loyal customer base across the Mexican market. Notably, the company has achieved consistent growth in its postpaid subscriber base, a key indicator of customer quality and long-term revenue stability.

Mexico also represents a compelling long-term opportunity for wireless innovation. A nearly 2,000-mile border with the United States creates unique cross-border connectivity dynamics and positions the country as a critical node in North American digital infrastructure. A rapidly growing digitally native population is increasing demand for mobile-first services across fintech, commerce, entertainment, and other sectors. As consumer and enterprise expectations for connectivity continue to evolve, the consortium believes Mexico is well-positioned for the next phase of telecom modernization.

About OXIO Inc.

OXIO is a global Telecom-as-a-Service platform that enables brands, enterprises, and mobile operators to launch and operate modern telecom services through a cloud-native architecture. Founded in 2018 and headquartered in New York, with offices in Mexico City and Montreal, OXIO holds telecom licenses in both the United States and Mexico, and has operated as a licensed wholesale telecommunications provider in Mexico for five years. Mexico was OXIO’s first market launch, and the company has since built a strong base of leading Mexican brands on its platform, including Grupo Coppel, Rappi, and Mercado Pago. The company was ranked #1 and named an established market leader in Juniper Research’s 2026 MVNO Solutions Report. OXIO’s platform integrates core network capabilities, connectivity, and AI-enabled business intelligence tools designed to support digitally driven telecom operations at scale.

About Newfoundland Capital Management

Newfoundland Capital Management is a Pan–Latin American boutique investment firm. Founded in 2009, the firm specializes in identifying and executing on idiosyncratic, high‑conviction investment opportunities across the region.

About Movistar Mexico

Movistar Mexico is a leading telecommunications operator serving more than 20 million mobile subscribers nationwide under the Movistar brand. The company provides nationwide mobile connectivity and digital services and is a subsidiary of Telefónica S.A. (BME: TEF), one of the world’s largest telecommunications companies, headquartered in Madrid, Spain.