Televisa completes lusacell spinoff

DetailsGabriel Miramar-Garcia | 10 January 2015

Leading Mexican broadcaster Grupo Televisa has finalised the sale of its 50% stake in No. 3 wireless operator Iusacell.

The dividends of the sale will be used to acquire Cablevision Red and its subsidiaries for about $204 million, plus debt totalling $490 million.

"Through this acquisition, Televisa reiterates its confidence in Mexico and in the telecommunications sector and continues to pursue its strategy to establish a telecommunications company with national coverage that delivers more and better services through state of the art technology and internationally competitive prices for the benefit of end users," the company said in an official statement.

Cablevision Red offers the triple play of video, data and telephony services in Mexico, primarily in the states of Guanajuato, Jalisco, Aguascalientes, Queretaro, Tamaulipas and Colima.

In September, Televisa announced an agreement to sell back its half-share in Iusacell to Grupo Salinas, owner of Mexico's No. 2 broadcaster TV Azteca, for $717 million. In turn, Grupo Salinas said that it would sell all of the wireless lusacell in total to AT&T.