MEXICO CITY-The previously announced agreement on the sale of Verizon Communications Inc.’s and Vodafone Group plc’s stakes in Mexican mobile operator Grupo Iusacell SA came under doubt late last week when U.S.-based Fintech Advisory offered $20 million in a counter offer for the debt-ridden company.
The offer is double the original offer by Mexican paging company Movil Access SA for $10 million and the assumption of $815 million in debt for the combined 73.9-percent interest owned by Verizon and Vodafone. However, both offers are much less than the nearly $2 billion combined the two operators have reportedly invested in Iusacell. Verizon reportedly has invested more than $1 billion in Iusacell, while Vodafone paid nearly $1 billion in 2001 for its 34.5-percent stake in Mexico’s third-largest wireless operator.
Last week, Verizon and Vodafone rejected a sale of their controlling interest in Iusacell submitted by UBS Securities L.L.C. Iusacell said in a government filing that Verizon and Vodafone “won’t conduct any kind of negotiation with UBS,” which is interested in negotiating a deal with Iusacell’s shares.
Movil Access is controlled by Mexican businessman Ricardo Salinas, and also controls Mexican operator Unefon.
