Axtel

And finally, the reduction of commissions on credit cards, a topic that Damien and I we've reviewed in past podcasts.

So, Damien, why don't you kick us off with Accel and this bidding war that has emerged, if I may call it that.

Sure.

So as people might have heard, we had two bids for Axtell in a week.

Axtell is the fixed line telephony company based in Monterey.

Interesting because it's basically been on the block for six years and we had no bids and then we suddenly get two in a week.

It's a bit like London buses.

Anyway, so Thomas Milmo, who founded Axtell and is the co-chair of its board, announced that his group was called 4Tech Plus is bidding 3 pesos 86 which is a hefty 39% premium on the average of the previous 30 days and valuing Accel at 632 million dollars and then a few days later Flow Networks which is the legal entity, I think it's called TransTelco, said it wanted Axtel for itself and it was bidding 100% for Axtel and its holding company called Axtel Controladora, which confusingly is also listed, which is related to the unlocking value strategy at Alpha.