Carlos Slim, Feb. 12, 2015
Mexican tycoon Carlos Slim smiles as he arrives at a reception in honor of Turkish President Recep Tayyip Erdogan and his wife Emine as the guest of Mexico's President Enrique Pena Nieto at the National Palace in Mexico City Feb. 12, 2015. Yuri Cortez/AFP/Getty Images

MEXICO CITY (Reuters) -- Mexico's telecommunications regulator said it signed off on the prices dominant phone company America Movil can charge rivals and virtual operators to connect to its network, according to a statement by the regulator Saturday.

Billionaire businessman Carlos Slim's America Movil, which controls about 70 percent of Mexico's mobile phone lines, was declared dominant by the regulator last year.

As a result of that ruling, America Movil has to seek regulator approval for the prices it charges other operators for using its infrastructure.

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