AT&T sealed a deal worth $2 billion to sell its business in Mexico to Grupo Televisa and Fintech Holdings, ending a decade long battle to gain ground in the country that is dominated by Carlos Slim’s America Movil.

AT&T stated the sale represents another step in a wider strategy to prioritise investment in US fibre and wireless networks, an area where it continues to make “meaningful progress”.

The US operator entered Mexico in 2015 following major regulatory reform, acquiring operators Iusacell and Nextel for a total $4.4 billion, which it merged to establish the AT&T Mexico brand.

It decided to offload the business last year and a $2 billion deal was mooted by Bloomberg.

In its statement, AT&T claimed it had grown the business into one of the country’s leading providers, and it believes Grupo Televisa and Fintech Holdings are well positioned to lead it through the next phase of growth.

Both companies will take an equal share in AT&T Mexico and means Grupo Televisa will become the first provider in the country to offer mobile, internet, pay-TV and fixed line services.

America Movil owned Telcel has around a 58% market share, while AT&T Mexico has around 16% with 24.7 million wireless subscribers as of 31 December 2025.

John Stankey, AT&T chairman and CEO, said it had articulated a strong belief that the AI future will run on converged networks and dense fibre 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 US market,” he added.

The deal is expected to be completed in the first quarter of 2027 following regulatory approvals.

Telefonica also sold off its business in Mexico, striking a $450 million deal with a consortium of investors in April.

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