Billionaire Carlos Slim to buy U.S. mobile phone company Start Wireless Group

Mexican phone giant America Movil, owned by billionaire Carlos Slim, announced Monday that its US unit reached a deal to acquire US mobile phone company Start Wireless Group.

The price of the transaction was not revealed but a statement said Tracfone Wireless will acquire the assets of Start Wireless, an Ohio-based mobile virtual network operator that provides prepaid voice, messaging and data plans to 1.4 million customers.

The deal is expected to be completed in the second quarter pending the approval of regulators.

A mobile virtual network operator (MVNO) does not own or operate wireless equipment. Instead, it buys services from carriers in bulk and sells packages to retail customers.

America Movil owns fixed-line and mobile phone businesses as well as Internet and cable television services in 17 Latin American nations and the United States.