Mergers and Acquistions News
Categories: Telecoms
August 18th 2010, 17:06PM
Regulators have given the go-ahead for Mexican telecommunications firm Televisa, along with partner Nextel, to bid to enter the mobile phone market.
According to Reuters, Cofetel, the country's telecoms regulator, has said it approves a joint entry bid by the firms that has provoked much controversy recently.
Senior political figures had suggested the bidding process was rigged in order that Televisa, Mexico's broadcasting giant, could offer an unusually low bid for wireless spectrum.
The companies bid $14 million (£8.9 million) for the spectrum licence which, when stacked up against the massive $400 million (£255.6 million) offered by US competitors Movil and Telefonica SA for another part of the frequency band, certainly raised suspicions.
Some argued the government backed down as Televisa has control of around 70 per cent of Mexico's broadcast TV market, but it said the frequency auction will stimulate competition in the mobile market.
On the proviso the bid goes ahead, Televisa said it will acquire 30 per cent of Nextel for $1.44 billion (£920.4 million).
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