Flō Networks and Tomás Milmo Compete to Buy Mexican Telecom Axtel

Mexican telecom operator Axtel is at the center of a bidding war, with Flō Networks seeking to purchase 100% of the company’s shares, according to multiple Mexican news outlets including El Financiero and Reforma.

Flō Networks has formally expressed its intention to acquire full control of Controladora Axtel, the parent entity. The move comes as another interested party, businessman Tomás Milmo, has also submitted a competing offer, as reported by expansion.mx. Both suitors have tabled new proposals, signaling an active contest for the telecommunications firm.

El Financiero reports that Axtel is the latest Mexican business to be put up for sale, though the specific asking price and timeline for a final decision have not been disclosed in the available coverage. The company operates in the domestic telecom sector, providing connectivity and data services to corporate and government clients.

axtel

The competing bids highlight growing interest in Mexico’s telecommunications infrastructure market. Flō Networks, which has been identified as a potential buyer in earlier coverage by Reforma, appears determined to secure the entirety of Axtel rather than a partial stake. Meanwhile, Milmo’s participation adds a local dimension to the contest, suggesting that both foreign and domestic players see value in the asset.

Analysts and market watchers will be paying close attention to how the board of Controladora Axtel responds to the rival offers, and whether a higher bid emerges before the sale is finalized. The outcome could reshape the competitive landscape for business telecom services in Mexico.