NII Holdings Completes Sale of Nextel Argentina to Grupo Clarin
Friday, January 29, 2016 | Comments

NII Holdings completed the previously announced sale of its Argentine operations, transferring the remaining 51 percent of its ownership interest to subsidiaries of Grupo Clarin. In connection with the sale, NII previously received $178 million of aggregate net proceeds, including $6 million of cash placed in escrow to secure specified indemnity obligations.

“This transaction is consistent with our strategy to concentrate our resources on our operations in Brazil and improve our liquidity position,” said Steve Shindler, NII’s CEO. “We are proud of the success that our team in Argentina has achieved as a part of our company for the past 18 years, and we are grateful to all of our employees there for their dedication and service.”

The companies first announced the agreement in September when Grupo Clarin purchased a 49 percent stake in Nextel Argentina.

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