Mexico’s equivalent of the FTC today approved AT&T’s proposed acquisition of provider Iusacell with unknown specifications, reports Reuters.
AT&T first proposed the deal last month. Iusacell offers wireless service under its own name and the Unefon brand name. It has 8.6 million subscribers, but covers about 70% of Mexico’s population of 120 million. AT&T will gain the subscribers, spectrum licenses, network assets, and retail operations of Iusacell, once the purchase is completed.
The Mexican watchdog also gave Grupo Salinas, which owns 50% of Iusacell, permission to buy out its partner. With 100% ownership, Grupo Salinas is able to sell Iusacell in its entirety to AT&T. AT&T said it plans to expand Iusacell’s network to cover more Mexicans and sees the acquisition as a long-term growth opportunity. Iusacell will remain headquartered in Mexico City.
The FCC and FTC still need to approve the deal from the U.S. side of the border.
