Mexico’s Grupo Carso, a global conglomerate headed by billionaire Carlos Slim Helu, will spin off $571 million in assets to form three drilling companies.
Shareholders in the three Grupo Carso subsidiaries —Operadora Cicsa, Carso Infraestructura y Construccion and Grupo Condumex— voted to undertake the spin off.
The shareholder approval clears the way to transfer $570.61 million in assets to form the new companies, Reuters said.
The decision is effective as of November 30 as long as certain conditions are met.
Grupo Carso has not specified what types of drilling services the new companies will offer or where the companies will operate.
The move comes on the heels of Mexico’s recent decision to open its oil and natural gas sectors to private investment in the hopes of bolstering domestic growth.
Grupo Carso already provides drilling and oil platform services to Pemex.
The conglomerate is involved in a number of industries including mining, construction, telecommunications and retail.
It also owns Colombia-based Tabasco Oil Company, a privately held upstream and marketing company.
According to Forbes, Slim is currently worth about $8 billion.
Slim’s four year tenure as the richest man in the world came to end last year when shares in his mining company, Minera Frisco, dropped by 50 percent due to slumping gold and copper prices.
Grupo Carso currently has a market capitalization of $12.07 billion.