AT&T is buying Nextel Mexico from NII Holdings for about $1.88 billion, minus the company's debt.
The deal will give AT&T Inc. companies that operate under the name Nextel Mexico and hold all of the wireless properties in Mexico held by NII Holdings Inc. That includes spectrum licenses, network assets, retail stores and about 3 million subscribers. Nextel Mexico's network covers approximately 76 million people.
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The acquisition is subject to a bankruptcy auction and approvals by the U.S. Bankruptcy Court for the Southern District of New York, which is currently overseeing the restructuring of NII Holdings. The company, based in Reston, Virginia, sought bankruptcy protection in September.
The deal is also subject to regulatory approval by Mexico's telecom regulator Instituto Federal de Telecomunicaciones.
The sale is expected to close in mid-2015.