RESTON, Va., Jan. 28, 2016 /PRNewswire/ -- NII Holdings, Inc. ( today announced it has completed the previously announced sale of its Argentine operations transferring the remaining 51% 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 chief executive officer. "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."
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in Reston, VA, offers differentiated mobile communications service including fully integrated wireless voice and data services under the Nextel brand in Brazil. Visit NII's website at www.nii.com.
Nextel, the Nextel logo and Nextel Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.
NII Holdings, Inc.
1875 Explorer Street, Suite 800
Reston, VA. 20190
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