America Movil completed its acquisition of operator Nextel Brazil, which also begins the voluntary dissolution of former Latin America telecoms giant NII holdings.
In a statement the operator group confirmed the final price paid for the asset at $905 million.
NII Holdings added with the sale of its last main asset, Nextel Brazil, the company will “begin the process to dissolve NII” and distribute cash to stockholders next year.
The former Latin American telecoms giant notified the Nasdaq Stock Market its intention to delist its common stock. It expects to stop trading on 30 December, with the delisting coming into effect on 9 January.
America Movil said in its statement the acquisition will strengthen its mobile operations in Brazil, where its primary brand Claro has 56.6 million connections. Nextel Brazil had 3.5 million connections, according to GSMA Intelligence figures for Q3.
The company added its mobile network capacity, spectrum portfolio, subscriber base, coverage and quality would be boosted by the acquisition, particularly in the cities of Sao Paulo and Rio de Janeiro.
The deal was announced with America Movil in March, but it took until early December for Brazil’s antitrust body to green-light the buyout.Subscribe to our daily newsletter Back