NII Holdings sells Peru business
Mobile communications company NII Holdings has agreed to sell its Peruvian operations for $400 million.
The move comes as the Reston-based firm focuses on its resources in Mexico and Brazil. NII Holdings offers mobile communication services in Latin America and operations under the Nextel brand in Brazil, Mexico, Aregentina, Peru and Chile.
NII will sell its Peruvian operations to Empresa Nacional de Telecomunicaciones S.A., based in Chile.
The sale is expected to take place in the second half of 2013. NII is planning to use the holdings to invest in its next generation networks in Mexico and Brazil.
“The sale of Nextel Peru is an important step in the evolution of our business and aligns with our strategic goal of increasing value for stockholders through focused investments on our new next generation network deployments,” said Steve Shindler, NII’s chairman and interim chief executive officer. “The proceeds that we generate through this sale allow us to prioritize investments in our largest markets that offer the greatest opportunity for strong, long-term returns.”