AT&T drops R21 billion for Nextel

The US telecommunications firm AT&T agreed to buy the wireless company Nextel Mexico from NII Holdings, Inc for 1.9 billion dollars.

This acquisition would include all of Nextel Mexico’s spectrum licenses, network assets, retail stores and nearly 3 million subscribers, AT&T said in a statement on Monday.

NII Holdings, Inc filed for bankruptcy in September and is under bankruptcy protection, meaning the purchase is subject to a bankruptcy auction supervised by the US Bankruptcy Court.

The purchase also requires approval from Mexico’s telecom regulator IFT (Instituto Federal de Telecomunicaciones). Bidding is expected to close by the middle of this year.

AT&T plans to combine Nextel Mexico with Iusacell, a wireless telecommunications company AT&T purchased in 2014, and expand mobile internet coverage outside of major metropolitan areas in Mexico.

“The transaction with AT&T ensures that customers of Nextel Mexico will continue to be served by a high quality telecommunications company committed to providing innovative products, services and solutions to the market,” said Steve Shindler, chief executive of NII Holdings.

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AT&T drops R21 billion for Nextel