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Monday, January 26, 2015

AT&T to purchase NII Holdings' wireless business in Mexico, (NYSE: T)

AT&T Inc said on Monday it would purchase bankrupt NII Holdings Inc's wireless business in Mexico for $1.875 billion in a move to create a larger Mexican wireless player that will have a better chance of competing with No. 1 America Movil.NII Holdings, the parent of Nextel operators in Latin America, filed for bankruptcy protection in the United States in September after struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico. It is still exploring options for its larger Brazilian operations.AT&T plans to combine Nextel Mexico with Iusacell, which the company acquired in November for $1.7 billion. While Nextel Mexico has about 3 million subscribers, Iusacell, Mexico's third-largest wireless operator, has over 8 million subscribers.Mexico's telecom market is dominated by billionaire Carlos Slim's America Movil, which has a 70 percent share of the market, followed by Telefonica, with nearly 20 percent.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.57% or $-0.19/share to $33.18. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 24002300 shares of T exchange hands on a given day and today's volume is recorded at 28519578.