Grupo Televisa and Fintech Holdings agreed to acquire AT&T Mexico for $2 billion, reshaping Mexico’s telecom landscape and positioning the new owners to challenge América Móvil’s dominance.
Grupo Televisa and Fintech Holdings have agreed to a $2 billion deal to acquire AT&T Mexico, marking a pivotal shift in Mexico’s telecommunications sector. The transaction, which requires regulatory approvals, would create the country’s second-largest telecom operator by combining Televisa’s fixed-line broadband expertise with Fintech’s wireless sector experience. AT&T’s exit from Mexico follows years of investment, including at least $6 billion in network upgrades, as the U.S. carrier refocuses on domestic fiber and 5G expansion.
Deal Funded Through Equal Buyer Contributions and Debt Equity Split
The deal, valued at $2 billion in cash, is funded through equal contributions from the two buyers. Televisa and Fintech will each contribute about USD400 million, and the purchase price will be funded with 40% equity and 60% debt. Fintech, owned by the Mexican billionaire David Martinez, owns 22.3% of Televisa’s capital stock after conversion and will take a 50% stake in the purchasing consortium.
AT&T Mexico, the second largest mobile operator in Mexico with approximately 24.7 million mobile subscribers as of December 31, 2025, reported revenue of 85.4 billion pesos ($4.65 billion) and operating income of 1.4 billion pesos in 2025. The $2 billion purchase price is lower than the valuation AT&T’s parent company had projected for 2025, as per the report, and incorporates adjustments and contingent benefits. The deal is expected to close in the first quarter of 2027, pending approvals from regulatory authorities in Mexico.
Deal Intensifies Competition Amid Regulatory Hurdles
Mexico’s telecom sector faces intense scrutiny, with the transaction subject to customary closing conditions, including obtaining regulatory approvals. Analysts at Scotiabank noted the deal could intensify competition, as the new consortium’s combined fixed and wireless offerings challenge America Movil. Televisa’s share of total fixed and wireless subscribers in Mexico would lift to 19% from 8%, while Fintech’s capital could drive network modernization and 5G expansion.
However, execution risks remain. Santander analysts cautioned that AT&T Mexico’s operations have historically faced challenges (low margins) and the development of a convergent fixed-mobile offering could also be difficult. UBS highlighted integration challenges, while Fitch Ratings affirmed Televisa’s credit profile, stating Fitch does not expect the transaction to materially change Televisa’s credit profile. The transaction’s success hinges on managing Mexico’s competitive environment and regulatory requirements.
AT&T's Strategic Focus on U.S. Infrastructure and Growth
AT&T framed the sale as a strategic move to prioritize U.S. infrastructure, with CEO John Stankey stating, “We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets. This move positions AT&T Mexico to participate in that evolution and is consistent with our long-term strategy to focus our capital allocation on opportunities for growth in the vibrant U.S. market.”
The deal also reflects broader industry trends. The Spanish telecom giant Telefonica Movistar sold its Mexican operations to a US-led consortium for $450 million, redirecting its focus to core European markets. For Televisa, the purchase marks its second attempt to enter the competitive telecommunications sector, after an unsuccessful effort between 2012 and 2014. Izzi ended 2025 with 652,860 mobile subscribers, representing approximately 0.45% of the market, nearly double the number from the end of 2024, and by June 2026, the company had 820,000 mobile users.
Deal Awaiting Regulatory Approvals for Closing
We believe that these partners are well positioned to lead AT&T Mexico through its next phase of growth,
AT&T stated in a statement about the deal. Fintech’s involvement, led by David Martinez, brings local expertise and capital to a sector dominated by America Movil. Meanwhile, Televisa’s liquidity remains adequate for the rating, with USD1.6 billion of cash and cash equivalents at 2Q26, with USD0.6 billion in short-term investments and no short-term debt, according to Fitch Ratings.
The deal’s completion remains pending regulatory approvals, with the first-quarter 2027 closing date contingent on Mexico’s approvals. Until the deal closes, AT&T intends to classify AT&T Mexico as held-for-sale within continuing operations, which will be included in the Company’s third-quarter 2026 10-Q filing with the SEC. For Mexican consumers, the transaction could drive innovation and competition, though the outcome will depend on the new owners’ ability to execute their strategic vision.