The Latin American carrier Acquires Nextel in Brazil for $905 Million

America Movil is buying Nextel Telecom Brazil from NII Holdings. Nextel Telecom holds the 25% market share in the telecom users market in Rio de Janeiro, Brazil, according to Bloomberg.

The sale represents the disposition of NII’s sole remaining operating asset. AI Brazil Holdings BV has agreed to sell a 30% interest in Nextel Brazil. With this sale, America Movil will be the sole owner of Nextel Brazil.

The purchase agreement includes certain termination rights for each party and provides that, in specified circumstances, NII may be required to pay a termination fee of $25 million to America Movil.

NII’s Board of Directors has approved and will submit to stockholders for approval and plan to dissolve and wind up NII after the closing of the transaction.

NII Holdings, Inc. is a provider of mobile communication services for consumers. Operating under the Nextel brand, it provides integrated wireless communication tools with digital cellular voice services, data services, international voice, and data roaming services and other value-added services.

Mexico based America Movil has been consolidating many smaller brands in a variety of markets in the region. In acquired assets in Guatemala based Telefonica’s and El Salvador respectively for $333 million and $315 million, in January this year.