Televisa’s AT&T Mexico deal boosts its challenge to America Movil
T•Televisa said it would buy AT&T’s Mexican unit for $2 billion in cash alongside privately held Fintech Holdings. The deal could more than double Televisa’s share of Mexico’s fixed and wireless subscribers to 19% from 8%, and is expected to close in the first quarter of 2027.
1. Deal expands Televisa’s reach
Televisa shares rose around 5% after the broadcaster announced the acquisition of AT&T’s Mexican unit in a $2 billion cash deal with privately held Fintech Holdings. Scotiabank analysts estimate the transaction would more than double Televisa’s share of Mexico’s fixed and wireless subscribers to 19% from 8%.
2. Integration risks remain
Analysts cautioned that integrating the business and competing in Mexico’s costly, fiercely contested telecom sector could limit the deal’s benefits. Santander analysts said value depends on turning around AT&T Mexico’s historically low-margin operations and building a converged fixed-mobile offering, which they said could prove challenging.
3. Competition and timing
The transaction is expected to close in the first quarter of 2027. Santander analysts expected little immediate effect on America Movil, citing its scale and dominant market position, while Scotiabank said the low purchase price could leave Televisa and Fintech more capital for network investment.
