AT&T sells Mexico unit to Televisa, Fintech for $2 billion

MEXICO CITY, Oct 13 : US carrier AT&T said on Tuesday it agreed to sell its Mexican unit to a consortium made up of Mexico's Grupo Televisa and Fintech Holdings for $2 billion in cash, as it sharpens its focus on domestic fiber and 5G networks and also leans into AI.

The deal is expected to close in the first quarter of 2027, pending regulatory approvals in Mexico, AT&T said. Its Mexican unit, the country's second-largest mobile operator, had approximately 24.7 million subscribers as of December 2025, according to Televisa.

The deal's purchase price is subject to adjustments, plus additional contractual and contingent benefits, and will be funded through available cash and non-recourse secured debt financing, Televisa said.

Televisa and Fintech Holdings each own a 50 per cent stake of the purchasing consortium. 

Televisa is Mexico's largest broadcaster and the world's largest producer of Spanish-language content. Fintech is a private investment firm and holding company owned by the Mexican billionaire David Martinez.

"We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets," AT&T Chairman and CEO John Stankey said in a statement. "This move positions AT&T Mexico to participate in that evolution." 

Shares in Grupo Televisa rose 5.3 per cent in after-hours trading on the New York Stock Exchange following the announcement on Tuesday, while AT&T gained 1.6 per cent to close at $22.85.

The deal ends AT&T's push into Mexico, which began with the 2014 purchase of lusacell and included the acquisition in 2015 of Nextel Mexico to take on America Movil's Telcel, the country's dominant wireless carrier.

AT&T's Mexican unit ended 2025 with revenue of 85.4 billion pesos ($4.65 billion) and operating income of 1.4 billion pesos ($76.3 million), Televisa said. 

The sale of AT&T's Mexico unit follows the Mexico departure of Spanish telecoms giant Telefonica Movistar, which in April sold its Mexico business to a US-led consortium for $450 million as it shifts its focus onto core markets in Europe.