Salinas Buys 50 Percent of Iusacell from Grupo Televisa

MEXICO CITY: Ricardo B. Salinas, the chairman of Grupo Salinas, has purchased 50 percent of the shares of the telecommunications operator Grupo Iusacell from Grupo Televisa for $717 million.

Upon the closing of this transaction, Salinas will fully own the equity of Iusacell. Grupo Iusacell is a leader in the Mexican telecommunications business. In the last three years, it has doubled its customer base, which now stands at 8 million.

Salinas commented: “I express my recognition and gratitude to the president and CEO of Grupo Televisa, Emilio Azcarraga, and his executive team for the administrative talent that resulted in solid added value for the development of the company and for furthering competition in the telecommunications sector.”