Televisa plans $2 billion AT&T Mexico acquisition with Fintech

Televisa said it would acquire AT&T’s Mexican business alongside privately held Fintech Holdings for $2 billion in cash. The Mexican broadcaster’s shares rose around 5% on October 14 as of 3:55 p.m. GMT. Completion of the transaction is expected in the first quarter of 2027.

If completed, the acquisition would expand Televisa’s telecommunications operations in Mexico, where America Movil holds a dominant position. Scotiabank analysts estimated that Televisa’s share of fixed and wireless subscribers would rise from 8% to 19%. America Movil is controlled by the family of Mexican billionaire Carlos Slim.

Santander analysts said the purchase price was substantially below valuations for comparable Latin American telecom companies, but warned of execution risks. They said creating value would depend on improving AT&T Mexico’s historically low-margin operations and eventually developing a combined fixed-line and mobile offering, which could be difficult.

The banks differed on the likely competitive impact. Santander expected little near-term effect on America Movil because of its size and market dominance. Scotiabank said competition could increase, arguing that the relatively low acquisition price could leave Televisa and Fintech with more capital to invest in networks.