Consolidation of the Second Mobile Operator and Joint Accounting Structure: The Agreement Between Televisa and Fintech for AT&T Mexico
Grupo Televisa and Fintech Holdings have agreed to acquire AT&T Mexico for a value of 2,000 million dollars, a transaction that will incorporate the country's second largest mobile phone operator into a consortium owned 50% by both firms. The operation was formally notified to the Mexican Stock Exchange (BMV) and represents a strategic bet of massive scale within the national telecommunications sector.
Business Dimensions and Market Positioning
AT&T Mexico operates in the country offering mobile telephony, internet, and value-added services through concessions granted by the Ministry of Infrastructure, Communications and Transportation (SICT).
The operational and financial figures that pass to the consortium reflect the operator's weight in the Mexican market:
- User base: At the close of 2025, the company registered 24.7 million mobile subscribers, consolidating its position as the second-largest mobile operator in the country.
- Consolidated revenue: In fiscal year 2025, the operator reported revenue of 85,400 million pesos.
- Operating profitability: It registered an operating profit of 1,400 million pesos in the same period.
Financial Structure, Accounting Method, and Closing Deadlines
The consortium plans to finance the acquisition through a combination of available cash and the issuance of secured debt without recourse against the parent companies.
In terms of accounting, Grupo Televisa anticipates recognizing its 50% stake in AT&T Mexico as an investment in associates and joint ventures, using the equity method in accordance with International Financial Reporting Standards (IFRS). This implies that Televisa will reflect the investment's result on its balance sheet without directly consolidating the total operating revenues and expenses of the mobile operator.
The transaction is subject to customary closing conditions and the obtaining of the corresponding regulatory approvals. The parties expect to complete the operation during the first quarter of 2027, during which time the company will maintain its usual operations. As of now, no modifications to the commercial brand or the public service offering are contemplated.
From an editorial perspective of next+, the joint acquisition of AT&T Mexico by Televisa and Fintech Holdings constitutes the most relevant M&A movement in the country's telecommunications sector in the last decade. The integration of AT&T's mobile infrastructure with Televisa's (Izzi) cable and fixed internet footprint opens the door to the creation of a convergent fixed and mobile services (quadruple play) offering with real capacity to compete against the market dominator. For executive committees and finance directors in the industry, the decision to use the equity accounting method allows Televisa to capture commercial synergies from mobility without pressuring the direct consolidation of debt on its financial statements.