The chairman of Mexican conglomerate Grupo Salinas will acquire a 50% stake in local mobile operator Iusacell from broadcasting group Televisa for US$717m.
Mexican billionaire Ricardo Salinas is also in the process of selecting a “world-class…
The chairman of Mexican conglomerate Grupo Salinas will acquire a 50% stake in local mobile operator Iusacell from broadcasting group Televisa for US$717m.
Mexican billionaire Ricardo Salinas is also in the process of selecting a “world-class strategic partner” to boost Iusacell’s growth and expand its product offering, according to a company statement.
Further to the acquisition, Ricardo Salinas, who already controls 50% of Iusacell, will fully own the country’s third largest mobile operator after America Movil’s Telcel and Telefonica’s Movistar.
The deal is subject to regulatory approval.
In a separate statement, Mexico’s Televisa said it will make a book loss of approximately US$320m on the sale.
Earlier this year, a number of press reports hinted at a possible merger between Iusacell and Telefonica. At the end of July, the Spanish incumbent confirmed that it was negotiating a deal in Mexico, without revealing the name of the company, although it stressed that an agreement had not been reached.
However, at the time, Salinas said his stake in Iusacell was not for sale and that he would continue to invest in the telco.
