4 Tech Plus Files Bid to Take Axtel Private at 39% Premium

4 Tech Plus filed tender offer documentation with Mexico's CNBV to acquire full ownership of Axtel and Controladora Axtel at premiums of 39.1% and 38.2%, pending antitrust and telecommunications regulatory approval. The bid affects Mexico's ICT and telecommunications sector, particularly enterprise connectivity, wholesale fiber, and industrial 5G infrastructure, as Axtel supplies over 90% of the country's industrial parks. 

Businessman Tomás Milmo, through his investment vehicle 4 Tech Plus, filed documentation with Mexico's National Banking and Securities Commission (CNBV) to launch concurrent tender offers for the outstanding shares of Axtel and Controladora Axtel that he and his shareholder group do not already control. The offers set prices of MX$3.86 per Axtel CPO and MX$1.22 per Controladora Axtel share, representing premiums of 39.1% and 38.2%, respectively, over the 30-day volume-weighted average trading price of each security. The boards of both companies authorized the corporate steps required to proceed, though the transaction still needs clearance from Mexican regulators.  

Axtel disclosed that shareholders whose interests are represented on the boards of both companies have expressed, in principle, their intention to join the offers, though without yet assuming a contractual commitment to do so. The company added that, for now, the timing of the offer launch remains undetermined, as the transaction depends on authorizations still pending. 4 Tech Plus said it holds committed financing sufficient to cover the price of both offers, subject to the conditions typically attached to that type of financing structure.  

Milmo, who is also Co-Chairman of Axtel's Board of Directors, founded the company in 1994 and built it into one of Mexico's leading information and communications technology (ICT) providers. Axtel operates through two units: Alestra, which serves enterprise and government clients with connectivity, cloud, and cybersecurity solutions, and Axtel Networks, its wholesale fiber infrastructure arm. The company runs more than 55,000km of fiber optic network and maintains a presence in over 90% of Mexico's industrial parks, positioning it as a strategic supplier for the country's manufacturing and logistics corridors.

The bid arrives as Axtel is positioning itself for Mexico's next wave of industrial connectivity demand. Armando de la Peña, CEO, Axtel, recently said that the company invests approximately US$80 million annually from its own cash flow, prioritizing projects tied to border-route expansion, submarine cable connections, and the network capacity needed to support artificial intelligence workloads. Axtel has also taken an active role in shaping Mexico's regulatory environment for private wireless networks: the company urged the Federal Telecommunications Regulatory Commission (CRT) to prioritize investment and market development over spectrum auction revenue ahead of Mexico's first industrial 5G auction, arguing that high entry costs could leave spectrum unassigned and stall the industrial connectivity market the auction is meant to create.

The transaction follows a mixed second quarter for Axtel. Revenue reached MX$2.938 billion, a 3% year-on-year decline, while EBITDA fell 10% to MX$862 million, narrowing the EBITDA margin to 29% from 32% in the same period of 2025. On a sequential basis, however, comparable EBITDA rose 17% versus the first quarter of 2026, a result the company attributed to operational efficiencies and improved commercial trends. Axtel also refinanced US$210 million during the quarter, using US$160 million to replace existing debt and keeping a US$50 million committed revolving credit line available.

The tender offer still requires authorization from the CNBV, the National Antitrust Commission, and the CRT, meaning no launch date has been set. If completed, the transaction would consolidate full ownership of Axtel and Controladora Axtel under Milmo's group, taking the ICT provider private at a valuation that reflects a substantial premium over recent trading prices, at a moment when the company is positioning its fiber and connectivity assets around Mexico's industrial digitalization agenda.