AT&T is looking to exit Mexico and seeking a multi-billion-dollar price tag for its unit in the country.
After struggling for the past decade in the market, the Dallas-based telecom giant is looking to sell its Mexico division for over $2 billion. While no final decisions have been made, deliberations are reportedly ongoing, according to people familiar with the matter.
South of the border, the American telecom company faces stiff competition from Telcel, a part of the America Movil SAB group that Carlos Slim and his family control. Carlos Slim is ranked as the richest person in Mexico, and even held the title as the wealthiest person in the world at one point.
In 2014, AT&T acquired Grupo Iusacell SA from billionaire Ricardo Salinas for $2.5 billion. AT&T followed up that deal with another purchase, buying NII Holdings Inc.’s Mexican wireless operations for nearly $1.9 billion.
Despite investing over $10 billion in Mexico, AT&T’s share of the mobile market remains far behind Slim’s Telcel.
In 2022, the American telecom company had a high-profile clash with Slim. At the time, America Movil accused AT&T of disrupting its television license business. Last year, AT&T agreed to sell its stake in the paid TV business Sky Mexico to Grupo Televisa SAB.
Like AT&T, Spain-based Telefonica SA is also reportedly looking to exit the Mexican market.
Earlier this month, The Dallas Express reported that AT&T continues to be challenged by copper thefts in the Metroplex and elsewhere in the country. The telecom company says repairs linked to copper thefts have cost it over $1 million in Dallas-Fort Worth alone, and more than $30 million nationally.