Key takeaways:
- Televisa and Fintech agreed to acquire AT&T’s Mexican unit for $2 billion.
- Each buyer will own 50% of the business, which serves 24.7 million subscribers.
- The deal could strengthen competition against América Móvil’s Telcel, pending regulatory approval.
Grupo Televisa and Fintech Holdings have agreed to acquire AT&T’s Mexican wireless business for $2 billion in cash, the AT&T Mexico unit acquisition announced Oct. 13 that could strengthen competition against América Móvil’s Telcel and reshape Mexico’s telecommunications market.
Televisa and Fintech target Mexico’s telecom market
The companies will each own 50% of the business, which had about 24.7 million subscribers as of December, according to Televisa. The acquisition would expand Televisa’s presence in telecommunications as it seeks a larger share of Mexico’s mobile and fixed-line connectivity market.
Televisa, Mexico’s largest broadcaster and a major producer of Spanish-language content, would increase its share of the country’s total fixed and wireless subscribers to 19% from 8%, according to Scotiabank.
The bank described the deal as a bargain and said the new ownership structure could put pressure on América Móvil, whose Telcel business leads Mexico’s mobile market.
“We think the low price tag and Fintech involvement is, in itself, bad news for (America Movil), as it means the new owners can focus more resources in capex,” Scotiabank said in a note to clients.
Fintech is a private investment firm and holding company owned by Mexican billionaire David Martínez. It already owns a 22.3% stake in Televisa and will hold half of the purchasing consortium.
New owners face competition from Telcel
The AT&T Mexico unit acquisition marks Televisa’s second attempt to expand into telecommunications after an unsuccessful effort between 2012 and 2014. Entering the sector has proved difficult because of high investment costs and intense competition from Telcel, despite Mexico’s large population and growing demand for connectivity.
Scotiabank said the new venture could pursue direct-to-cell partnerships with operators such as Starlink to strengthen its position. Telcel operates roughly twice as many connectivity towers and has a substantially stronger 5G network across the country, according to the bank’s assessment.
The transaction could give the new owners greater scale to invest in network infrastructure and compete for subscribers. However, the companies will need regulatory approval in Mexico before completing the acquisition.
The deal is expected to close in the first quarter of 2027, Televisa said. The final purchase price may be adjusted, and the transaction includes additional contractual and contingent benefits.
Televisa said the acquisition will be funded through available cash and secured debt financing that does not carry recourse to the borrowers beyond the specified assets.
AT&T refocuses on U.S. connectivity business
The sale will allow AT&T to concentrate on its U.S. fiber and 5G businesses as it increases investment in advanced connectivity for an artificial intelligence-driven future.
AT&T shares rose 1.6% to close at $22.85 on Oct. 13. Televisa shares gained 5% in after-hours trading on the New York Stock Exchange following news of the agreement.
AT&T’s Mexican unit reported revenue of 85.4 billion pesos, or about $4.65 billion, for 2025 and operating income of 1.4 billion pesos, Televisa said.
The transaction follows other foreign telecom operators’ exits from Mexico. Spanish telecommunications company Telefónica sold its Mexican business to a U.S.-led consortium for $450 million in April as it shifted its focus toward core European markets.
For AT&T, the sale represents a further step toward concentrating resources on its U.S. operations. For Televisa and Fintech, the AT&T Mexico unit acquisition offers a larger platform to challenge Telcel in a market where network investment and competitive pricing will be central to future growth.
