The mobile operator Iusacell could disappear if media/telecoms conglomerate Grupo Televisa is not able to make its planned US$1.6bn investment in the company, according to comments attributed to the legal counsel of Iusacell’s controlling…
The mobile operator Iusacell could disappear if media/telecoms conglomerate Grupo Televisa is not able to make its planned US$1.6bn investment in the company, according to comments attributed to the legal counsel of Iusacell’s controlling company.
Bloomberg reported that Francisco Borrego, the chief legal counsel for Grupo Salinas, said that if Iusacell does not receive a big investment, it will little by little lose its ability to pay its debts and could disappear.
Borrego also reportedly said that the company’s believe the law requires the Mexican antitrust agency to make a decision on the Iusacell-Televisa deal by 7 February.
In April, Televisa announced that it had agreed to make an investment of US$37.5m in equity and US$1.565bn in Iusacell’s debt that is convertible into equity. Once the debt has been converted, Televisa would hold a 50% stake in Iusacell.
