Nextel Chile, a former unit of bankrupt telecoms group NII Holdings, has been acquired by UK-based investment firm Novator for an undisclosed amount, according to local reports.
The deal comes only five months after Nextel was sold to Fucata, a joint…
Nextel Chile, a former unit of bankrupt telecoms group NII Holdings, has been acquired by UK-based investment firm Novator for an undisclosed amount, according to local reports.
The deal comes only five months after Nextel was sold to Fucata, a joint venture comprising Argentine media group Grupo Veintitres and US private equity firm Optimum Advisors, reportedly for US$29.1m.
Fucata had also been linked to a potential acquisition of NII’s subsidiary in Argentina.
Novator has reportedly appointed Chris Bannister as Nextel Chile’s new CEO, while Estanislao Pena has been confirmed as president.
London-based Novator, which specialises in telecoms, pharmaceuticals, IT and renewable energy investments, declined to comment.
A few days ago, US telco AT&T announced its acquisition of Nextel Mexico for US$1.875bn excluding debt, subject to regulatory approval and a bidding process to be supervised by a US bankruptcy court.
AT&T plans to merge number four carrier Nextel with the country’s third-largest player, Iusacell, which it recently bought in a US$2.5bn deal.
Virginia-based NII Holdings filed for bankruptcy protection in September last year, after failing to meet its debt obligations.
Last November, it announced that it had reached a debt-for-equity swap agreement with its creditors, which include Aurelius Capital Management, Capital Research and Management and American Tower.
The company’s operations in Mexico, Brazil and Argentina are not included in the pending bankruptcy proceedings and continue to operate as usual.
