Grupo Salinas completes Iusacell acquisition

Grupo Salinas completes Iusacell acquisition

Mexico’s Grupo Salinas has completed its acquisition of a 50% stake in mobile firm Iusacell, from its joint venture partner Grupo Televisa.

Agreed in September last year, the $717 million deal provides Grupo Salinas with 100% ownership of Iusacell; leaving it available for acquisition by Mexico’s third largest player, AT&T. 

AT&T said in November that it would buy the entirety of Iusacell from Grupo Salinas, and the deal has received regulatory approval from the country’s watchdog.

Televisa reportedly used some of the proceeds from the sale to buy Mexican cable company Cablevision Red, and expects the acquisition to add 2 billion pesos to its revenue this year.

In August, Televisa also acquired the remaining shares of another Mexican cable firm, Cablecom, which it did not already own.