Monday, August 18, 2014

US/Chile: Reston, VA-Based NII Holdings Sells Nextel Chile to Fucata SA

According to The Latin American Tribune, Reston, VA-based NII Holdings Inc. concluded on Monday (August 18) the sale of its Nextel Chile subsidiary to an international consortium.

NII, sold its entire equity stake in Nextel Chile to Fucata SA for an undisclosed amount.

Fucata comprises Argentine media group Grupo Veintitres, British investment fund ISM Capital and US fund Optimum Advisors, Nextel Chile said.

Control of Nextel Chile conveyed to Fucata on Monday.

Estanislao Peña, who will remain as president of Nextel Chile, welcomed the deal as a sign that the company is on the right course.

COMMENT: Nextel Chile, which began offering cellphone and mobile broadband service in April 2012, has 60MHz of AWS spectrum, a network providing nationwide coverage and more than 260,000 subscribers.

Thanks to NII’s investment, Nextel Chile has met all of its commitments to regulators and has a “solid basis for a competitive edge in the Chilean telecom market,” Peña said.