MEXICO CITY-Verizon Communications Inc. and Vodafone Americas BV, a wholly-owned subsidiary of Vodafone Group plc, plan to sell their approximately 74 percent stake in Mexico’s third largest wireless operator Grupo Iusacell S.A. de C.V. to Mexican telecommunications service provider Movil Access S.A. de C.V., which said it was acquiring 100 percent of Iusacell’s stock for $10 million.
Movil Access said it will launch tender offers in Mexico and the United States for all Iusacell shares in mid-July.
“We envision that continued dynamism in the under-served Mexican wireless telephony market-an economic sector that is vital for the global competitiveness of Mexico-together with the ample telecommunications infrastructure of Iusacell and a solid business model going forward, will permit us to complete a successful turn around benefiting Iusacell’s stakeholders,” said Ricardo Salinas, president of the board of directors of Movil Access’ parent company Biper S.A. de C.V.
