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AT and T buys Mexican carrier Iusacell

Monday, November 10, 2014

AT&T, the second-largest U.S. mobile-phone carrier, agreed to buy Grupo Iusacell from billionaire Ricardo Salinas for $2.5 billion to expand further into Latin America.

AT&T is gaining 8.6 million subscribers with the purchase of closely held Iusacell, the third-largest wireless operator in Mexico that has struggled to compete against Carlos Slim’s America Movil.

The acquisition will take place after Salinas closes a deal to buy the 50 percent of Iusacell owned by Grupo Televisa, AT&T said.

Source: Bloomberg