NII Holdings has completed its previously agreed sale of Nextel Argentina to media conglomerate Grupo Clarín. The US holdco last year sold Nextel Mexico to AT&T, and this week denied a report that Nextel Brasil was on the block.
NII Holdings (NASDAQ:NIHD) has completed its previously agreed sale of Nextel Argentina to media conglomerate Grupo Clarín. The US holdco last year sold Nextel Mexico to AT&T, and this week denied a report that Nextel Brasil was on the block.
In a statement yesterday, the seller said it had transferred the remaining 51% of its ownership interest to subsidiaries of Grupo Clarin.
Clarín had previously paid NII US$178m of aggregate net proceeds, including US$6m in cash placed in escrow to secure specified indemnity obligations.
Regulator AFTIC had sought to block the deal, but following national elections that ousted former president Cristina Fernández de Kirchner, a judge in Argentina’s Federal Administrative Court placed a six-month injunction on the ruling.
“This transaction is consistent with our strategy to concentrate our resources on our operations in Brazil and improve our liquidity position,” said NII CEO Steve Shindler (pictured).
“We are proud of the success that our team in Argentina has achieved as a part of our company for the past 18 years, and we are grateful to all of our employees there for their dedication and service.”
NII Holdings was advised by Jones Day.