NII Holdings Agrees to Sell Nextel Peru for $400M

NII Holdings

today announced that it has agreed to sell its Peruvian operations to Empresa Nacional de Telecomunicaciones S.A. (Bolsa de Comercio de Santiago: ENTEL) for approximately $400 million. (Logo:  http://photos.prnewswire.com/prnh/20110919/FL70458LOGO) The transaction, which is structured as a purchase of the shares of NII's indirect subsidiary, Nextel del Peru S.A. ("Nextel Peru"), is being entered into as part of NII's announced strategy to focus its capital and other resources in Mexico and Brazil, its two largest markets.  The proceeds received from this sale will provide additional liquidity as the Company continues to invest in the deployment of its next generation networks in Mexico and Brazil.  NII's next generation networks will enable the Company to provide the highest quality wireless experience to high value customers in those markets.        "The sale of Nextel Peru is an important step in the evolution of our