Mexico’s telecom sector shifts again as Televisa buys AT&T for US $2 billion

Televisa, a major media company, and Fintech Holdings have reached an agreement to purchase AT&T's mobile telephony business in Mexico for $2 billion. The acquisition, announced on October 13, is expected to be completed in the first quarter of 2027, pending regulatory approval. Upon completion, Televisa and Fintech, an investment firm owned by Mexican businessman David Martínez, will each hold a 50% stake in the newly formed consortium.

AT&T Mexico, which currently serves around 24.7 million subscribers, is the second-largest mobile operator in Mexico. The deal has been anticipated by industry experts, as AT&T had previously indicated its intention to sell its Mexican subsidiary as part of a strategy to focus on its U.S. operations. The transaction will be funded through a mix of the buyers' own capital and secured debt, with no recourse against the consortium.

For Televisa, the acquisition provides an opportunity to expand its portfolio of fixed-line connectivity and pay-TV services, potentially enabling it to offer a "quadruple play" of bundled internet, television, fixed-line, and mobile services. This move could strengthen Televisa's competitive position against Telcel, the dominant mobile operator in Mexico, which is part of América Móvil owned by billionaire Carlos Slim.

President Claudia Sheinbaum welcomed the transaction, stating that it would promote competition and improve internet services in Mexico.