AT&T has agreed to sell its Mexican wireless business, AT&T Mexico, to a consortium owned equally by Grupo Televisa and Fintech Holdings. The price is $2 billion in cash at closing, subject to adjustments, plus what AT&T called "additional contractual and contingent benefits," which it did not quantify. AT&T announced the deal on Tuesday 13 October. Closing is expected in the first quarter of 2027 and depends on regulatory approvals in Mexico.
Televisa's own filings, furnished to the SEC the same day, carry most of the numbers. AT&T Mexico had 2025 revenue of 85.36 billion pesos and operating income of 1.37 billion pesos, according to Televisa's information statement. At the end-2025 exchange rate implied by that filing, about 18 pesos to the dollar, that is roughly $4.7 billion of revenue and $76 million of operating income. By this publication's arithmetic, the price is about 0.42 times revenue. It is low against sales because very little of the sales reaches profit.
What AT&T is selling
AT&T Mexico is the country's second-largest mobile operator, with about 24.7 million wireless subscribers at 31 December 2025, according to Televisa's press release. The information statement says 6.8 million of those were postpaid subscribers, who produced 54 per cent of service revenue, and that the postpaid base reached 7.1 million in the first quarter of 2026. The business runs its own national network under concessions from Mexico's telecommunications ministry, with about 233 MHz of spectrum.
The trend is improving but thin. Revenue rose from 77.9 billion pesos in 2024, and operating income of 1.37 billion pesos in 2025 followed an operating loss of 524 million pesos the year before, the filing says.
How the buyers are paying
The information statement sets out the structure. The consortium expects to fund the purchase with its members' own money and up to $1.4 billion of secured debt, a term loan of up to $1.2 billion and a revolving facility of up to $200 million, which BBVA México is expected to commit to provide. The debt will be secured on the shares of AT&T Mexico and is intended to be moved onto AT&T Mexico itself after closing, which the filing warns could significantly increase the company's interest costs. Televisa will contribute $400 million in cash for its 50 per cent and will account for the stake as a joint venture under the equity method. The deal is not conditioned on financing.
Fintech Holdings is wholly owned by David Martínez, the filing says. Closing requires regulatory approvals, including from Mexico's National Antitrust Commission.
AT&T's reasoning
John Stankey, AT&T's chairman and chief executive, tied the sale to the company's U.S. strategy. "We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets," he said in the release, adding that the sale is consistent with a strategy "to focus our capital allocation on opportunities for growth in the vibrant U.S. market." AT&T said it will report AT&T Mexico as held for sale within continuing operations in its third-quarter 10-Q. The release, as quoted, does not say how the proceeds will be used.
The company's description of the buyers is promotional: it says Televisa and Fintech are "well positioned to lead AT&T Mexico through its next phase of growth," and that Fintech Holdings "brings fresh capital, local knowledge, and operational expertise in the Mexican wireless sector."
What to watch
AT&T's third-quarter filing should show the held-for-sale accounting and whether the price triggers a loss on the business. In Mexico, the antitrust commission's review will test how regulators treat a deal that puts the second-largest mobile network alongside Televisa's cable broadband and satellite pay-TV businesses. AT&T has not quantified the contingent benefits, and the price adjustments are unspecified. Like the Penske Automotive deal this week, the closing date sits in the first quarter of 2027.
Sources
- Telecompetitor, "AT&T to Sell AT&T Mexico to Grupo Televisa and Fintech Holdings", 15 October 2026: https://www.telecompetitor.com/att-to-sell-att-mexico-to-grupo-televisa-and-fintech-holdings/
- Grupo Televisa, "Grupo Televisa and Fintech Agree to Acquire AT&T Mexico", Form 6-K, 13 October 2026: https://www.sec.gov/Archives/edgar/data/912892/000089534526000460/ff6932490_6k-grupo.htm
- Grupo Televisa, Information Statement on Corporate Reorganization, Form 6-K, 13 October 2026: https://www.sec.gov/Archives/edgar/data/912892/000110465926115552/tm2627404d1_6k.htm
AT&T's own release page refused our requests and AT&T did not file it with the SEC, so AT&T's price terms, quotes and accounting treatment come from Telecompetitor's account of the release of 13 October 2026, which quotes it directly. AT&T Mexico's subscribers, revenue, operating income, postpaid figures and spectrum, the financing structure, Televisa's $400 million contribution, the exchange rates, the required approvals and Fintech's ownership come from Grupo Televisa's press release and English-language information statement, both furnished to the SEC on Form 6-K on 13 October 2026. The dollar conversions and the revenue multiple are this publication's arithmetic at the 31 December 2025 rate implied by Televisa's filing. The analysis is our own.
