NII Holdings Announces Completion Of Nextel Peru Sale To Entel
RESTON, Va., Aug. 19, 2013 /PRNewswire/ -- NII Holdings, Inc. [NASDAQ: NIHD] today announced it has completed the previously announced sale of its Peruvian operations to Empresa Nacional de Telecomunicaciones S.A. (Bolsa de Comercio de Santiago: ENTEL) for an aggregate value of $410.6 million, which reflects estimated adjustments for cash, debt and working capital balances as of the closing date.
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The transaction, which was structured as a purchase of the shares of NII's indirect subsidiary, Nextel del Peru S.A. ("Nextel Peru"), was completed as part of NII's previously announced strategy to focus its capital and other resources primarily in Mexico and Brazil, its two largest markets.
"The sale of Nextel Peru is part of our ongoing strategy to increase stockholder value by allowing us to focus and align our financial and operational resources where we can maximize our return on invested capital," said Steve Shindler, NII's chief executive officer. "This sale also provides additional liquidity to support our investments in the deployment of our next generation networks."
"Nextel Peru has been an integral part of NII for fifteen years, and we are grateful to all the Nextel Peru employees for their dedication and service," added Shindler.
The Company was advised by Deutsche Bank Securities Inc. and Jones Day.
