In the last few months AT&T has negotiated two massive transactions, first acquiring Iusacell last year and now the planned purchase of Nextel Mexico (NII Holdings of Reston, Virginia), which by combining the two companies, could result in a total of 10 million new customers.
NII Holdings, parent of Nextel operators in Latin America, filed for bankruptcy protection in the United States in September after accumulating debt of $5.8 million USD as a result of strong competition in Brazil and Mexico.
The acquisition is subject to a bankruptcy auction and approval by the Bankruptcy Court in the United States currently overseeing the restructuring of NII Holdings. The acquisition is also subject to approval by the Federal Telecommunications Commission.
If the purchase is approved, AT&T will acquire the Nextel Mexico operation including licenses, network assets, shops and a portfolio of nearly 3 million subscribers.
AT&T plans to be the first to create a zone of mobile service throughout North America, covering more than 400 million personal users and businesses in Mexico and the United States. The newly formed company aims to improve and expand its mobile internet services in Mexico. Improvements could prove especially helpful for people living and traveling outside of major metropolitan areas.
“The plans announced by AT&T for Mexico are consistent with the commitment to provide World class services to Mexican consumers” said a spokesman from the Mexican subsidiary.
The agreement announced on by which NII Holdings Nextel Mexico approves sell to AT&T, “does not affect operations or the quality and reliability of services that Nextel provides customers in Mexico.”
It is expected that the sale will be finalized by mid-2015.
AT&T’s shares fell 5 cents to $ 33.32 USD in electronic trading two hours before the official opening on Wall Street on Monday January 26th
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