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America Movil looks to sell assets for at least $20 billion: Sources

The logo of America Movil is seen on the wall of the reception area in the company's corporate offices in Mexico City.
Reuters
The logo of America Movil is seen on the wall of the reception area in the company's corporate offices in Mexico City.

America Movil is pushing to sell some assets for at least $20 billion, a source told CNBC.

The Mexican telecom company, which is owned by billionaire Carlos Slim, is preparing to divest assets in an unprecedented step to cut its market share in Mexican telecoms below 50 percent and escape the burden of tougher regulations.

The company's stock rose after reports of its interest in selling some assets.

Read MoreCarlos Slim: New telecom regulations? No problem

The source—someone familiar with the situation who declined to be identified—said that America Movil would be seeking to sell its assets for at least eight times earnings before interest, taxes, depreciation and amortization of $2.5 billion, which would imply a total of at least $20 billion.

The justification for the steep multiplier, the source said, is that Mexico has a growing telecommunications market, and whomever bought the assets would face a competitor—America Movil—firmly dedicated to not grow to more than 50 percent market share.

Mexican telecom reforms from last year instituted steep penalties for any firm that held a majority of the country's market—an effort to increase competition and foreign investment.

Read MoreCarlos Slim calls for a three-day working week

Bloomberg reported earlier Monday that the company had reached out to AT&T and Japan's SoftBank for the deal, although that report said the sale would total as much as $17.5 billion.

Correction: This article has been updated to reflect the sale price that America Movil is seeking.

—By CNBC staff with reporting from CNBC's Michelle Caruso-Cabrera. Reuters contributed to this report.