AT&T closes in on its plan for one North American market, purchases Nextel Mexico for $1.88 billion
AT&T says that the two acquisitions will allow it to offer faster mobile internet to Mexican consumers by offering 4G LTE service. It also envisions what it calls the "North American Mobile Service area" which will cover 400 million people in the U.S. and Mexico.
By combining Iusacell and Nextel Mexico, AT&T will have 11 million subscribers in the country attributable to the pair of acquisitions. NII Holdings is in bankruptcy, swamped with $5.8 billion in debt. AT&T will have to get the approval of the U.S. Bankruptcy Court for the Southern District of New York, and regulatory approval by Mexican telecom regulator IFT (Instituto Federal de Telecomunicaciones). The U.S. carrier expects the deal to close in the middle of this year.