AT&T to buy NII Holdings' wireless business in Mexico

Reuters News
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Posted: Jan 26, 2015 6:56 AM

(Reuters) - AT&T Inc <T.N> said it will buy bankrupt NII Holdings Inc's <NIHDQ.PK> wireless business in Mexico for $1.875 billion, less outstanding net debt.

NII Holdings, the parent of Nextel operators in Latin America, filed for bankruptcy protection in the United States in September after struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico.

The transaction is subject to a bankruptcy auction and approvals by the U.S. Bankruptcy Court for the Southern District of New York, AT&T said in a statement.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Sriraj Kalluvila)