Mexican telecommunications mogul Carlos Slim is breaking up his company to avoid regulations from reforms proposed by the Mexican government.

The reforms were approved by the Congress and will be sent to President Enrique Peña Nieto to sign into law. The Congress approved the measures Wednesday.

Reports indicate Slim, among the world's wealthiest individuals, will move to reduce América Móvil's share of the telecommunications market below 50 percent. The company's Telmex fixed-line subsidiary already comprises 80 percent of the Mexican market. The mobile Telcel operation has around 70 percent of the share of the market.

América Móvil would be subject to a host of new rules and restrictions if it maintained its monopoly. That includes sharing infrastructure with its competitors like Telefonica, which is based in Spain. Slim is moving to avoid this by restructuring. He reportedly will present a proposal to the country's watchdog agency, the Federal Institute of Telecommunications (IFT).

According to sources, Slim's América Móvil has 272 million wireless subscribers. That makes the company the largest carrier in the Americas. He plans to divest assets to a newly formed company in an attempt to please the company's investors.

Also part of the deal is Slim's agreement to decline the right to acquire a major share of satellite television provider Dish Mexico, which has 30 percent of the market. Shares of the company increased 4 percent Wednesday morning. Televisa is a television company also being eyed by regulators because of its dominance. Televisa shares were down 1.3 percent, according to reports. The laws in Mexico, in regard to this legislation, are referred to as "secondary laws" and they have stalled for about six months in trying to reform both Televisa and América Móvil.

Slim's family owns 57 percent of América Móvil currently. He is the world's second-richest man. Mexico's newly elected president vowed to bring more competition to the markets in his country.

A spokesman for América Móvil said the company doesn't see its move as the direct result of reforms, but rather a change in the industry. Mexico is also seeking similar secondary legislation to open competition in the oil and gas industry there.