Televisa and Fintech Consortium to Buy AT&T México Business for $2 Billion

Key Facts

Grupo Televisa announced on October 13, 2026, that a consortium equally owned by Televisa and Fintech Holdings had agreed to buy AT&T’s wireless business in Mexico for $2 billion, subject to certain price adjustments. The deal covers the acquisition of 100% of AT&T México’s equity, with Televisa holding an economic interest of 50% through CVQ and Fintech Mercury owning the other half. Televisa said the deal is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory approvals. The transaction gives the buyer consortium direct entry into a large wireless business in the Mexican market. Its completion now depends on regulatory procedures and financing arrangements.

The consortium expects to finance the acquisition with a mix of available cash and secured borrowing without recourse to the group, according to a Televisa filing. The reorganization document sets a maximum of $1.4 billion for this borrowing, comprising a term loan of up to $1.2 billion and a revolving credit facility of up to $200 million. The document says BBVA México is expected to arrange and provide the facilities. This structure ties a significant portion of the purchase price to secured financing, while available cash covers the remainder.

AT&T México is Mexico’s second-largest mobile operator, with about 24.7 million wireless subscribers as of December 31, 2025, according to Televisa’s filing with the U.S. Securities and Exchange Commission. The company recorded consolidated revenue of 85.4 billion pesos in 2025, alongside operating income of 1.4 billion pesos. These figures provide a measure of the scale of the business that would transfer to the consortium if the deal closes. Scotiabank analysts estimated that Televisa’s share of Mexico’s fixed and wireless telecommunications subscribers would rise to 19% from 8% after the acquisition. This places the deal in the context of Televisa’s expanding telecommunications presence, while adding a large mobile subscriber base.

UBS analysts said the deal could be positive for Mexico’s telecommunications industry, noting that consolidation typically leads to a greater focus on profitability, returns and cash generation. Santander analysts, however, warned that value creation depends on improving AT&T México’s operations, which have historically struggled with low margins. They added that building a unified fixed and mobile services offering could be difficult. This leaves the deal facing two operational challenges: improving the wireless business’s performance and integrating it into a broader offering combining fixed and mobile services. These considerations relate to what happens after closing, while the deal has yet to be completed.

Following the announcement, Televisa shares rose about 6% at 19:44 GMT on October 14, according to a Reuters report. EL7 data show AT&T shares, under the ticker T, closed at $20.92 on October 29, 2026. The group’s results provide financial context for the deal, while its expected timing in the first quarter of 2027 remains subject to regulatory approvals and closing conditions.