AT&T has agreed to exit the Mexican telecommunications market by selling its AT&T Mexico subsidiary to a consortium formed by Grupo Televisa and Fintech Holdings for $2 billion in cash at closing. Announced on October 13, 2026, from AT&T’s headquarters in Dallas, the transaction transfers Mexico’s second-largest mobile network to domestic media and investment interests while allowing AT&T to concentrate its capital on United States fiber and 5G infrastructure.

According to the official announcement distributed via PR Newswire, while secondary reports often summarize the deal as a flat $2 billion sale, the exact financial consideration consists of $2 billion in cash at closing subject to specific adjustments, plus additional contractual and contingent benefits. The purchasing consortium will be split equally, with Grupo Televisa and Fintech Holdings each taking a 50% ownership stake, according to Broadband Communities. The buyers plan to finance the acquisition through available cash and non-recourse secured debt. Pending Mexican regulatory approvals and customary closing conditions, the transaction is expected to close in the first quarter of 2027.

Reshaping Competition Against América Móvil

The ownership change sets up a new operational dynamic against América Móvil’s Telcel, the dominant incumbent in Mexico’s wireless sector. For Grupo Televisa—Mexico’s largest broadcaster and a major fixed-line broadband operator—acquiring AT&T Mexico provides the wireless infrastructure needed to offer bundled fixed and mobile packages. As reported by The Star (republishing Reuters), this marks Televisa’s second attempt to establish a foothold in the telecommunications market, following an earlier effort between 2012 and 2014. Talks between AT&T and Televisa regarding the unit had been ongoing since at least December 2025.

Fintech Holdings, a private investment firm owned by Mexican billionaire David Martínez, brings capital and regional wireless experience to the joint venture. Martínez already holds a 22.3% stake in Televisa, making the 50/50 consortium an expansion of the existing financial relationship between the two entities. Following the announcement, Televisa shares rose 5% in after-hours trading on the New York Stock Exchange, while AT&T shares closed up 1.6% at $22.85.

According to a Scotiabank research note cited by Light Reading and Reuters, the acquisition will increase Televisa’s combined share of total fixed and wireless subscribers in Mexico from 8% to 19%. Analysts at Scotiabank described the $2 billion price tag as a “bargain,” noting that the lower acquisition cost and the backing of Fintech Holdings could allow the new owners to allocate more resources toward capital expenditures. Scotiabank also noted that the new venture could pursue a direct-to-cell partnership with satellite operators like Starlink to help narrow the coverage gap with Telcel, which operates twice as many connectivity towers and maintains a larger 5G footprint across the country.

A Decade of Foreign Telecom Departures in Mexico

AT&T’s departure concludes a more than decade-long effort to challenge Telcel’s market dominance. AT&T entered the Mexican market in 2014 and 2015 by acquiring domestic mobile carriers Iusacell for $2.5 billion and Nextel Mexico for $1.875 billion, merging the two operations into AT&T Mexico. Despite spending billions to build the nation’s second-largest wireless network, the U.S. carrier was unable to significantly erode Telcel’s subscriber lead.

Industry reports show slight variations in exact subscriber counts depending on the reporting period. According to figures from Televisa cited by Reuters and Yahoo Finance, AT&T Mexico had approximately 24.7 million wireless subscribers as of December 31, 2025, ending that year with revenue of 85.4 billion pesos ($4.65 billion at an exchange rate of 18.36 pesos per dollar) and operating income of 1.4 billion pesos. Meanwhile, Light Reading reported that AT&T Mexico held 23.4 million subscribers at the end of June 2026, compared to Telcel’s 84.5 million subscribers at the same point—a figure that Broadband Communities attributed to March 2026 data. Regardless of the reporting date, Telcel maintains more than three times the subscriber base of AT&T’s Mexican unit.

AT&T is the second major foreign telecommunications provider to exit Mexico in 2026 due to high operating costs and competitive pressure from Telcel. In April 2026, Spanish telecom operator Telefónica Movistar sold its Mexican business to a U.S.-led consortium for $450 million as part of a broader retreat to focus on core European markets.

AT&T Refocuses Capital on U.S. Fiber and 5G

For AT&T, divesting its Mexican operations aligns with a domestic capital allocation strategy centered on converging fixed fiber-optic lines and 5G wireless networks in the United States, where the company serves more than 100 million consumers and nearly 2.5 million businesses.

“We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets,” AT&T Chairman and CEO John Stankey stated in the company’s press release. “This move positions AT&T Mexico to participate in that evolution and is consistent with our long-term strategy to focus our capital allocation on opportunities for growth in the vibrant U.S. market.”

Until the transaction closes in early 2027, AT&T will continue to operate the network and will classify AT&T Mexico as held-for-sale within continuing operations, starting with its third-quarter 2026 Form 10-Q filing with the U.S. Securities and Exchange Commission.

What It Means for Consumers and the Market

Will Televisa bundle AT&T Mexico’s mobile network with its home internet?

Yes. By combining AT&T Mexico’s wireless infrastructure with Televisa’s existing fixed-line broadband and broadcasting footprint, the consortium will be able to offer integrated fixed-mobile convergence packages to Mexican consumers, increasing its combined fixed and wireless market share from 8% to 19%.

How is the $2 billion purchase structured?

The consortium of Grupo Televisa and Fintech Holdings (splitting ownership 50/50) will pay $2 billion in cash at closing, funded via available cash and non-recourse secured debt financing. The final economic value remains subject to closing adjustments as well as unspecified contractual and contingent benefits.

When will the ownership transition take place?

The deal is projected to close in the first quarter of 2027. Until Mexican regulators approve the transaction and customary closing conditions are met, AT&T remains the active operator of AT&T Mexico.

Sources

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