Wireless communications services provider NII Holdings, Inc. (NIHD) said Monday that Mexican broadcaster Grupo Televisa, S.A.B. (TV) has agreed to buy a 30% stake in NII's operating subsidiary in Mexico, Comunicaciones Nextel de Mexico, S.A. de C.V., for US$1.44 billion.
Under the terms of the deal, which values Nextel Mexico at US$4.3 billion, Televisa will make an initial investment of $1.14 billion, with the remaining investment made in three equal annual installments.
Televisa, the largest media company in the Spanish-speaking world, will also be granted an option to buy an additional 7.5% stake in Nextel Mexico in the third or fourth year following the closing of the initial investment.
Mexico-based Televisa will have the right to appoint 2 of 6 Nextel Mexico board members, while Reston, Virginia-based NII Holdings that retains 70% of the equity in Nextel Mexico will appoint the remaining four.
Nextel Mexico's current management team led by Peter Foyo will continue to manage the wireless operation.
The deal is conditioned upon the Nextel/Televisa consortium being awarded licenses to use specified amounts of spectrum in the upcoming spectrum auctions in Mexico and other customary closing conditions.
Acquiring a stake in Nextel Mexico, the country's fourth largest wireless operator, would help Televisa enter the mobile industry without building its own wireless infrastructure.
The alliance would also allow Televisa offer converged services including wireless, television, broadband data and fixed voice services.
NII Holdings shares closed Friday's regular trading session at $36.07, up 97 cents or 2.76%. Televisa shares closed Friday's regular trading session on the NYSE at $18.64, down 14 cents.
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