The ongoing kerfuffle between Mexico's Federal Competition Commission and Carlos Slim's America Movil (Telcel's parent company) took a drastic turn earlier today. According to the CFC, a deal has been reached with Slim's telecom outfit that, among other things, will revoke the 11,989,000,000 pesos fine (about $1 billion dollars) imposed back in 2011. That being said, the wealthiest man on the globe isn't completely off the hook, as America Movil's been given five new demands that must be adhered to. Among these are reducing the current per-minute interconnection rates from .95 to .36 pesos, sharing the Telcel waves with other companies in the country and routinely providing the CFC with extensive details to prove the aforementioned requirements are being followed. Should America Movil not live up to its end of the deal, the Mexican regulator could hit Carlos Slim & Co. with a fine of up to eight percent of Telcel's annual revenue -- which, needless to say, is a heck of a lot of cash.

CFC backtracks on Slim's near-billion dollar fine in Mexico, lays out other terms and conditions originally appeared on Engadget on Thu, 03 May 2012 22:24:00 EDT. Please see our terms for use of feeds.