Televisa and Fintech to Buy AT&T’s Mexican Business for $2 Billion
Key Facts
A group owned equally by Grupo Televisa and Fintech Holdings agreed to buy AT&T’s wireless business in Mexico for $2 billion, subject to certain adjustments, according to a Televisa filing with the U.S. Securities and Exchange Commission. The agreement gives the group a stake in Mexico’s second-largest mobile operator, but does not transfer ownership of AT&T’s other assets. Televisa and Fintech Holdings each own 50% of the group. The deal remains subject to the satisfaction of closing conditions and regulatory approvals. Televisa announced the agreement on October 13, 2026.
The buyers’ group intends to use its own funds alongside up to $1.4 billion in non-recourse secured debt financing, according to the information statement filed with the SEC. The potential financing comprises a term loan of up to $1.2 billion and a revolving credit facility of up to $200 million. The filing describes this financing as an obligation of the buyers’ group and does not establish that it is direct debt of Televisa. The company’s filing said the debt would be transferred to AT&T México after the deal closes. This could significantly increase the Mexican company’s interest costs and could also limit some of its financing and investment options.
AT&T México has a large customer base, with about 24.7 million wireless subscribers as of December 31, 2025, according to the statement filed with the SEC. The filing described it as Mexico’s second-largest mobile operator. In 2025, the company recorded consolidated revenue of 85.4 billion Mexican pesos, against operating income of 1.4 billion pesos. These figures show the scale of the business alongside its operating income, while the buyers’ group will take control of it after closing. AT&T had said the Mexican wireless business represented its entire Latin America segment.
Scotiabank estimates cited by Reuters indicate that Televisa’s share of Mexico’s total fixed-line and wireless subscribers could rise to 19% from 8% after the deal. That percentage is analysts’ estimate of the agreement’s impact, not an announcement of a share already achieved. The official filing does not establish that Televisa’s share has increased, as the deal still requires regulatory approvals. After the announcement, Televisa shares rose 5% in after-hours trading on the New York Stock Exchange, according to Reuters. Mexican President Claudia Sheinbaum said the deal would support competition and improve internet services in the country.
The deal comes as Televisa faces credit rating downgrades in 2026. On June 12, Moody’s downgraded the company’s issuer and senior debt ratings to Ba2 from Ba1, and changed the outlook to stable. On May 8, S&P downgraded the company’s credit rating and issue ratings to BBB- from BBB, and maintained a negative outlook. Televisa’s filing also showed unaudited pro forma statements indicating that including its 50% share of AT&T México’s results would have reduced consolidated pretax income by 44% in the first half of 2026 and increased the pretax loss by 59% in 2025. The hypothetical impact was a 532.2 million-peso decrease in pretax income for the first half of 2026 and a 428.3 million-peso increase in the pretax loss for 2025.
AT&T announced the sale agreement on October 13 and applied held-for-sale accounting to its Mexican business on September 30, 2026, according to its quarterly report. The company expects to receive about $2 billion in cash at closing, subject to adjustments. Televisa said closing is expected in the first quarter of 2027, subject to the satisfaction of customary conditions and receipt of regulatory approvals, including approvals from the National Antitrust Commission and the relevant authorities. The filing confirmed that completion of the deal is not conditional on obtaining financing. Regulatory approvals therefore remain the specified step before the business transfers to the buyers’ group.