Program 'Internet for all' fails and AMLO announces purchase of Altán Redes

Mexico City.– President Andres Manuel Lopez Obrador announced the financial rescue of the company Altan Networks, company in charge of the operation of the shared network, with which the Government intends to take the Internet to the most remote communities in the country.

Without specifying amounts, he reported that his Administration signed the purchase of the majority of the shares, for which the Public Private Partnership (PPP) will now be controlled by the Mexican State.

“I take this opportunity to tell you that a communication company, called Altán, was in a delicate financial situation, which was given the concession (for internet service) in the past six-year term and has the fiber optic network to provide Internet services in most part of the Republic even has a network used by private companies”, he said in the morning conference.

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“It was bankrupt, they were given credits from Nacional Financiera in the past six-year term and we made the decision to provide a resource. That company, which is going to allow us to have internet in all the towns, already belongs to the Nation. The Mexican State is the majority shareholder and already has the direction, the administration of the company”.

The Federal President compared the operation with the purchase he made from shell to acquire all the shares of the refinery in Deer Parkin Houston.

He assured that the details of the transaction would be informed by the Secretary of Finance.

“Just as we bought a refinery in Texas, now, with some savings, we have managed to have the majority of the Altán company, which will mean internet in all towns and free internet in public squares, schools, hospitals and everywhere. in the collective interest,” he said.

“I already told you, now the Treasury Department is going to give the technical report, because yesterday (Thursday) the agreement was signed. So, it is guaranteed that there will be internet for everyone.

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Until Thursday, sources close to the operation had reported that the government, private initiative and suppliers would participate in the rescue. The idea is that the company received about 375 million dollars.

The suppliers would contribute 163 million dollars, the public bank 152 million and the partners 60 million dollars.

Altan Networks -consortium formed in the administration of the PRI Henry Pena– is the company in charge of the operation of the shared network and seeks to bring 4.5G internet to the entire country, through operators.

Since the Government began, López Obrador has spoken out openly against the rescue of companies, even during the economic crisis unleashed by the coronavirus pandemic. Covid-19.

Throughout his career as a political leader, candidate and official, he has been one of the main critics of the bank rescue that took place in 1990, through Fobaproa.

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