América Móvil to Acquire Nextel Operations in Brazil for $905 Million

March 18, 2019

Cleary Gottlieb is representing América Móvil S.A.B. de C.V. (América Móvil) in connection with its acquisition of 100 percent of Nextel Telecomunicações Ltda. (Nextel Brazil), from NII Holdings Inc. (NII) and AI Brazil Holdings B.V. for $905 million on a cash-free and debt-free basis.

Nextel Brazil provides nationwide mobile telecommunications services. With this transaction, Claro S.A., América Móvil’s Brazilian subsidiary, will consolidate its position as one of the leading telecommunication service providers in Brazil, strengthening its mobile network capacity, spectrum portfolio, subscriber base, coverage, and quality, particularly in São Paulo and Rio de Janeiro, the main markets in Brazil.

The transaction was signed and announced on March 18, 2019, and completion of the transaction is subject to the satisfaction of certain customary closing conditions, including the approval of the stockholders of NII and receipt of regulatory and antitrust approvals from Brazilian government authorities.