AT&T to buy NII Holdings’ wireless business in Mexico
The signage for an AT&T store is seen in New York October 29, 2014.
Credit: Reuters/Shannon Stapleton
(Reuters) – AT&T Inc (T.N) said it will buy bankrupt NII Holdings Inc’s (NIHDQ.PK) wireless business in Mexico for $1.875 billion, less outstanding net debt.
NII Holdings, the parent of Nextel operators in Latin America, filed for bankruptcy protection in the United States in September after struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico.
The transaction is subject to a bankruptcy auction and approvals by the U.S. Bankruptcy Court for the Southern District of New York, AT&T said in a statement.
(Reporting by Supantha Mukherjee in Bengaluru; Editing by Sriraj Kalluvila)