Mexico. After the Federal Institute of Telecommunications, IFT, gave its approval, this week it was announced the closure of what will undoubtedly be one of the most important businesses in telecommunications: the purchase of Iusacell by AT&T.
The U.S. company paid $2.5 billion for 100% of Iusacell's shares to Grupo Salinas, which also owns Televisa. He also announced the appointment of Thaddeus Arroyo as executive president of the operation in Mexico.
AT&T will have control of Iusacell's wireless network comprising licenses, network assets, retail stores and contracts for approximately 8.6 million subscribers.
"The acquisition of Iusacell is the direct result of the constitutional reforms promoted by President Enrique Peña Nieto to encourage more competition and more investment in Mexico. These reforms, along with good economic expectations for the country, population growth and the growing middle class, make Mexico an attractive place to invest," Randall Stephenson, AT&T's chief executive officer, said in the statement.
Total Play, Iusacell's cable television and broadband internet company, including the assets to provide the service, were handed over to Salinas Group shareholders before the negotiation between AT&T and Iusacell closed.
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