AT&T, Inc. (T) said Friday that it has closed its US$2.5 billion acquisition of Mexican wireless provider Iusacell from Grupo Salinas.
Te deal was originally announced in November.
AT&T acquired all of Iusacell's wireless properties, including licenses, network assets, retail stores and about 9.2 million subscribers. The Iusacell wireless network currently covers about 70% of Mexico's about 120 million citizens.
With its acquisition of Iusacell, AT&T plans to create the first-ever North American Mobile Service area covering more than 400 million consumers and businesses in Mexico and the United States.
The company's investments in Mexico — where smartphone penetration is about half that of the United States — will help it address increasing demand for high-speed mobile Internet services in Mexico. AT&T sees a significant opportunity to increase smartphone adoption and mobile Internet usage in Mexico.
Iusacell will continue to be headquartered in Mexico City. AT&T has identified a team, to be based in Mexico City, to oversee the Iusacell integration effort.
Meanwhile, AT&T named F. Thaddeus Arroyo to lead Iusacell as its Chief Executive Officer. Iusacell's former CEO Adrian Steckel will assist Arroyo, a 19-year AT&T veteran, with the integration of Iusacell into AT&T.
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