Watch for regulatory approval timeline and any antitrust conditions from Mexican authorities (IFT/COFECE). The deal transforms Televisa's telecom position by adding the #2 mobile operator to its existing cable/fiber/satellite assets, creating a converged fixed-mobile operator. Monitor Q4 2026 earnings for cash position and debt financing terms.
Price Chart
Executive Summary
Grupo Televisa, through a 50/50 consortium with Fintech Holdings, has agreed to acquire AT&T's wireless business in Mexico (AT&T Mexico) for US$2 billion. AT&T Mexico is the second-largest mobile operator in the country with ~24.7 million subscribers and reported 85.4 billion pesos in revenue for FY2025. The deal, expected to close in Q1 2027, will be accounted for as an equity-method joint venture and financed via cash and non-recourse debt.
Key Facts
- Consortium (50% Televisa, 50% Fintech) to acquire AT&T Mexico for US$2 billion
- AT&T Mexico is the second-largest mobile operator in Mexico with ~24.7 million wireless subscribers as of Dec 31, 2025
- AT&T Mexico reported FY2025 consolidated revenue of 85.4 billion pesos and operating income of 1.4 billion pesos
- Acquisition to be financed through cash on hand and non-recourse secured debt
- Televisa will account for its 50% stake as an equity-method investment under IFRS
- Transaction expected to close in Q1 2027, subject to regulatory approvals
Financial Impact
US$2 billion purchase price for AT&T Mexico; AT&T Mexico had FY2025 revenue of 85.4 billion pesos (~US$4.3 billion at current rates) and operating income of 1.4 billion pesos (~US$70 million)
Risk Factors
- Regulatory approval risk — Mexican competition authorities may impose conditions or block the deal
- Integration risk — combining AT&T Mexico's network and operations with Televisa's existing telecom business
- Financing risk — non-recourse debt terms and interest rate environment could affect returns
- Joint venture governance — 50/50 structure may create operational friction
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000895345-26-000460 |
| Document: 0000895345-26-000460-index-headers.html | 0000895345-26-000460 |
| Document: 0000895345-26-000460-index.html | 0000895345-26-000460 |
| Document: 0000895345-26-000460.txt | 0000895345-26-000460 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $2.17 | awaiting T+5 | — | $2.17 (−0.00%) |
Oct 13, 2026 14d ago | 6-K | $2.37 $2.36 | ▼ −0.42% | ▼ −0.88% | $2.17 (−8.44%) |
Oct 13, 2026 14d ago | 6-K | $2.37 $2.36 | ▼ −0.42% | ▼ −0.88% | $2.17 (−8.44%) |
Sep 21, 2026 5w ago | 6-K | $2.57 $2.34 | ▼ −8.95% | ▼ −7.93% | $2.17 (−15.56%) |
Aug 3, 2026 12w ago | 6-K | $2.75 $2.80 | ▲ +1.82% | ▲ +1.92% | $2.17 (−21.09%) |
Jun 15, 2026 19w ago | 6-K | $2.93 $2.73 | ▲ +6.83% | ▲ +5.44% | $2.17 (+25.94%) |
May 28, 2026 21w ago | Insider Cluster | $2.66 $2.59 | ▼ −2.63% | ▼ −2.34% | $2.17 (−18.42%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.83 | ▼ −0.70% | ▼ −2.43% | $2.17 (−23.86%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.88 | ▲ +1.05% | ▼ −0.68% | $2.17 (−23.86%) |
Apr 30, 2026 25w ago | Insider Cluster | $2.85 $2.88 | ▲ +1.05% | ▼ −0.68% | $2.17 (−23.86%) |
US Market Status
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