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Brazil: Shareholders approve sale of Nextel Brasil

By  |  July 1, 2019
The shareholders meeting of holding company NII Holdings approved the sale of telecommunications company Nextel Brasil, in favor of the Brazilian subsidiary of multinational América Móvil, with 91 percent of those present supporting the move.

Following this decision, the operation only requires the approval by the National Telecommunications Agency (ANATEL) and the Administrative Council of Economic Defense (CADE) to move forward. The Brazilian competition authority, meanwhile, revealed that it will take into account in its decision the opinions of competing companies, which has caused criticism from América Móvil.

Nextel rivals such as Oi, Telefónica and TIM, have criticized the operation, claiming it could cause harm to competition, with the possibility that the resulting company would obtain very high market shares in Rio de Janeiro and Sao Paulo. The purchase, planned at US $950 million, would allow América Móvil to acquire 3.4 million new users.

Full Content: Telesemana

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