AT&T says it will buy Mexican wireless company Iusacell for $2.5B including debt

Industries Associated Press

AT&T says it will buy Mexican wireless company Iusacell for $2.5 billion including debt and says it plans to grow in Mexico.

Continue Reading Below

The Dallas company says Iusacell has 8.6 million subscribers under the Iusacell and Unefón brand names with a network that covers about 70 percent of the population of Mexico. AT&T says reforms by President Enrique Peña Nieto were a factor in its decision to buy the company.

Grupo Salinas owns 50 percent of Iusacell and announced Friday that it will buy the other half. AT&T will buy Iusacell after that deal closes and expects that to happen during the first quarter.