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.
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.
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in Reston, Va., is a provider of differentiated mobile communication services for businesses and high value consumers in Latin America. NII, operating under the Nextel brand in Brazil, Mexico, Argentina and Chile, offers fully integrated wireless communications tools with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect® and International Direct ConnectSM, a digital two-way radio. NII is a Fortune 500 and Barron's 500 company, and has also been named one of the best places to work among multinationals in Latin America by the Great Place to Work® Institute. The company trades on the NASDAQ market under the symbol NIHD. Visit the company's website at www.nii.com.
Nextel, the Nextel logo and Nextel Direct Connect and International Direct Connect are trademarks and/or service marks of Nextel Communications, Inc., and are used by NII's subsidiaries under license in Latin America.
Visit NII's news room for news and to access our markets' news centers: www.nii.com/newsroom.
With annual revenues of US$ 3 billion, reported as of December 2012, Empresa Nacional de Telecomunicaciones S.A. provides mobile, internet, data and IT services, as well as local and long-distance telephony to both consumers clients and enterprises in Chile. The Company also has operations in Peru and is listed on the Chilean Stock Exchange (Bolsa de Comercio de Santiago) under the ticker symbol ENTEL. For more information please visit: www.entel.cl.
NII Holdings, Inc.
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Reston, VA. 20190
Investor Relations: Tim Perrott
Media Relations: Claudia Restrepo
SOURCE NII Holdings, Inc.