RUTHERFORD, N.J.-Nextel Communications Inc. has signed a definitive agreement to invest in Corporacion Mobilcom S.A. de C.V., a Mexican specialized mobile radio operator, and share frequencies along the U.S.-Mexico border.
Nextel said it will invest $107.5 million, which could increase to $116.4 million, for 22 percent of Mobilcom. Nextel has loaned Mobilcom $42.5 million through a note that could be allocated as an additional purchase price, or if converted could increase Nextel’s ownership to 30.7 percent. Nextel also will have the option to purchase another 13 percent of Mobilcom for $88.5 million.
Mobilcom is majority-owned by the Valladares Group.