Televisa expects AT&T purchase to strengthen position, debt will increase
TV•Grupo Televisa said its $2 billion purchase of AT&T’s Mexican unit, pursued as a 50/50 joint venture with Fintech Holdings, is expected to strengthen its competitive position and close in the first quarter of 2027, pending regulatory approvals. Televisa’s net debt-to-EBITDA ratio is expected to rise to 1.9 times from 1.6 times.
1. Deal structure and scale
The $2 billion deal is being pursued as a 50/50 joint venture with Fintech Holdings and is expected to close in the first quarter of 2027, pending regulatory approvals. The venture would have about 24 million wireless subscribers, 5.7 million broadband subscribers and 6.3 million video subscribers. Each partner will contribute $400 million in equity, with the remaining $1.2 billion funded through a five-year non-recourse loan.
2. Debt and revenue
Televisa co-CEO Alfonso de Angoitia said the transaction would materially strengthen the company’s competitive position. Televisa’s net debt-to-EBITDA ratio is expected to rise to 1.9 times from 1.6 times at the end of the third quarter. Combined annual revenue would reach around $8 billion, roughly 23% of Mexico’s telecom market.
3. Televisa’s telecom push
De Angoitia said the acquisition positioned Televisa to consolidate its position as the country’s second-largest telecom operator. The deal marks Televisa’s second attempt to enter the telecom sector, following an unsuccessful effort between 2012 and 2014.
