Macquarie takes control of minority stake in Altan Redes

Macquarie takes control of minority stake in Altan Redes

Mexico’s Federal Telecommunications Institute (Instituto Federal de Telecomunicaciones, IFT) has approved the takeover of an 18.29% stake in Altan Redes by Australian investment group Macquarie.

Open access 4G mobile network provider Altan Redes – which operates the Red Compartida network - was declared bankrupt in November 2021, but entered bankruptcy protection and continued its operations while restructuring into a public-private partnership. It exited bankruptcy protection in November 2022.

Mexican government body Nacional Financiera (NAFIN) is currently the largest shareholder in Altan Redes, with a combined direct and indirect interest totalling 80.43%. Macquarie’s newly obtained holding was previously controlled by China-Mexico Fund GP, a founding shareholder in Altan Redes.

TeleGeography reports that Red Compartida’s 700MHz network reached 73% of Mexico’s population at end-June 2023 – roughly 81.5 million people. Red Compartida is used by over 110 MVNOs, among them Izzi Movil, Megacable and Walmart’s Bodega Aurrera Internet y Telefonia (BAIT).

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