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Nextel Looking to Sell Peruvian Subsidiary

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Latin American mobile network operator, NII Holdings (Nextel) saw its shares jumped momentarily by a quarter yesterday on reports that it is in talks to sell its Peruvian subsidiary.

Chile based Entel is reportedly interesting in paying USD500 million to purchase NII's Peru business unit.

Nextel Peru ended 2012 with just over 1.6 million subscribers and had an EBITDA burn of approximately $14 million last year.

NII Holdings is generally understood to be looking at selling subsidiaries in several smaller markets as it concentrates efforts in Mexico and Brazil.

The company could raise a total of USD1 billion from the disposals. It is also thought to be seeking a further USD1 billion from the sale of tower assets in Mexico and Brazil.

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Tags: nii holdings  Peru