NII Holdings To Sell 70% Interest In Nextel Brazil - Quick Facts

(RTTNews) - NII Holdings, Inc. (NIHD) announced that it has agreed to sell its 70% interest in its operations in Brazil to América Móvil through the sale of one of NII's Luxembourg-based subsidiaries. The sale represents the disposition of NII's sole remaining operating asset. In connection with the transaction, AI Brazil has agreed to sell its 30% interest in Nextel Brazil so that América Móvil will be the sole owner of Nextel Brazil following the transaction. América Móvil will acquire all of the equity interests in Nextel Brazil for an aggregate purchase price of $905 million less net debt and subject to certain adjustments at closing, including reimbursement for capital expenditures and working capital investments from March 1, 2019 to closing. NII will receive 70% of the final net proceeds after deducting a $2 million preferred share return due to AI Brazil.

NII's Board has also approved and will submit to stockholders for approval a plan to dissolve and wind up NII after the closing of the transaction. NII's preliminary estimate of the amounts that will initially be available for distribution to NII stockholders relating to the transaction with América Móvil as part of NII's dissolution and wind up process is $1.00 to $1.50 per share.