NII Holdings, Inc. (NASDAQ: NIHD) and AINMT Holdings AB, an international telecommunications company and parent of the Norwegian operator ice, the fastest growing mobile network operator in Norway, announced today that AINMT completed its first investment of $50 million for a 30% stake in Brazilian mobile telecommunications company Nextel Brazil.
As previously announced, AINMT has an option, exercisable by November 15, 2017, to invest an additional $150 million in Nextel Holdings S.à r.l. (the "Company"), which owns Nextel Brazil. If this option is exercised, AINMT's total $200 million equity investment would result in a 60% controlling stake in the Company. If AINMT exercises its option, the closing of the Second AINMT Investment is subject to receipt of certain third-party consents and other conditions, including amendment of Nextel Brazil's credit facilities and release and substitution of certain existing guarantees, receipt of regulatory and antitrust approvals, and approval from NII's stockholders. If AINMT elects to exercise its option, NII will ask its stockholders to vote in favor of the transaction.
If AINMT exercises its option, the closing of the Second AINMT Investment must be completed by January 31, 2018. NII anticipates, assuming AINMT's exercise of the option and receipt of the necessary consents and satisfaction of conditions, that the Second AINMT Investment will close during the first quarter of 2018. At that time, NII is expected to hold a 40% stake in the Company, and Nextel Brazil would have an enhanced financial profile to pursue a newly developed commercial strategy that contemplates continued investments in Nextel Brazil's key markets with a focus on expanding its subscriber base.
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in Reston, Virginia, is a provider of differentiated mobile communication services for businesses and high value consumers in Brazil. NII, operating under the Nextel brand, offers fully integrated wireless voice services, data services and wireless Internet access. Visit NII's website at www.nii.com.
Visit NII's news room for news and to access our market's news center: www.nii.com/newsroom.
About Nextel Brazil
Nextel Brazil provides wireless communication services under the NextelTM brand in Brazil with principal operations located in major urban and suburban centers with high population densities and related transportation corridors of the country where there is a concentration of Brazil's business users and economic activity, notably Rio de Janeiro and São Paulo.
About AINMT
AINMT is an international telecommunications company. Its focus is wireless data communication services, the fastest growing business segment within the telecom sector. AINMT's Norwegian operation, ice.net, is Norway's third largest mobile network operator and fastest growing provider of voice and wireless data services operating on 4G-only networks for smartphones and mobile broadband. Today, the company is well established in Scandinavia (Norway, Sweden and Denmark) and has recently launched 4G networks in Indonesia and the Philippines. For more information, visit www.ainmt.com
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with global strategic investments. Founded in 1986 by Len Blavatnik, an American entrepreneur and philanthropist, the group is headquartered in New York, with offices in London and Moscow. Access invests in industries where it can maximize long-term value by developing regional and global leaders. Its industrial focus spans four key sectors: natural resources and chemicals; media and telecommunications; real estate and hospitality; and venture capital. For more information, visit www.accessindustries.com.
