América Móvil buys broadband challenger Wow, triggering Peru antitrust review
What's the deal? América Móvil has agreed to acquire 100% of Peruvian fixed-internet provider Wow Tel S.A.C.Dealroom has a profile for this one. Try Dealroom →, a move that consolidates its ClaroDealroom has a profile for this one. Try Dealroom → brand in the country's broadband market. The transaction, first struck on July 21, is now under review by Peru's competition regulator, Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual (Indecopi). The deal value was not disclosed.
Who's who? Claro delivers fixed internet via fibre-optic cables and wireless access. Wow, launched in 2020, focuses on fibre-optic networks outside Lima and serves more than 500,000 customers across all 24 regions of Peru.
Why now? Peru's market is shifting fast toward fibre. Data from telecoms regulator Osiptel shows fibre-optic connections topped 80% of the fixed-internet market by the end of 2025, up from 46.63% in June 2023.
What could go wrong? The deal is entirely contingent on clearance under Peru's business concentration control framework, Ley N.° 31112. Combined, Claro and Wow would hold roughly 43% of the broader fixed-internet market, pushing the sector into a highly concentrated classification. In fibre-optic alone, the pair would control about 39% of connections, lifting the segment's Herfindahl-Hirschman Index (HHI) from 1,918 to 2,664.
The regional wrinkle: Wow's penetration runs high in several departments — 76% in Ucayali, 75% in Tumbes, and 71% in Apurímac, among others. Indecopi must define the relevant product and geographic markets before ruling, weighing entry barriers, buyer power, and claimed efficiencies alongside the loss of an aggressive regional competitor.
The signal: Claro became Peru's leading fixed-internet provider by the end of 2025, edging past MovistarDealroom has a profile for this one. Try Dealroom →. The Wow acquisition would cement that lead — but only if regulators accept that fibre's rapid growth leaves room for competition to survive.
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