America Movil completes Nextel acquisition

America Movil completes Nextel acquisition

America Movil has closed its acquisition of Nextel Brazil for final total of $905 million.

Nextel’s Brazilian unit was the final asset held by Latin America’s NII Holdings. The group has stated that it will now “begin the process to dissolve” itself and provide cash back to stockholders. It has now stopped trading and expects to be delisted from the Nasdaq Stock Market on 9th January.

The acquisition will allow America Movil to improve its footprint in Brazil, increasing its coverage, subscriber base and spectrum holding, as well as its network capacity. It anticipates a particular benefit in major metropolises Rio de Janeiro and Sao Paulo.

While America Movil first announced its intent to buy Nextel in March, it was not cleared to do so until December last year.

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