According to AT&T, the company plans to expand Iusacell’s network to cover millions of additional consumers and businesses in Mexico.
US second largest service provider AT&T, Friday announced that it has entered into an agreement with Grupo Salinas to acquire Mexican wireless company Iusacell for US$2.5 billion. AT&T said in a statement that it will acquire all of Iusacell’s wireless properties, including licenses, network assets, retail stores and approximately 8.6 million subscribers.
AT&T expects to carry out the transaction in the first quarter of 2015, awaiting parent Group Salinas, which owns 50 percent of Iusacell, to close its own acquisition of the remaining 50% stake in the company. The latest move by AT&T marks reform in the sector with a new entry to Mexican telecommunications market that is dominated by America Movil, owned by billionaire Carlos Slim. Iusacell offers wireless service under both the Iusacell and Unefón brand names with a network that today covers about 70 percent of Mexico’s approximately 120 million people.