MEXICO CITY-Verizon Communications Inc. and Vodafone Group plc have reportedly rejected a sale of their controlling interest in Mexican wireless carrier Grupo Iusacell SA submitted by UBS Securities L.L.C.
Iusacell said in a government filing that Verizon and Vodafone “won’t conduct any kind of negotiation with UBS,” which is interested in negotiating a deal with Iusacell’s shares.
Verizon and Vodafone previously announced plans to sell off their combined 73.9 percent interest in Iusacell to Mexican paging company Movil@ccess SA for $10 million and the assumption of $815 million in debt. Verizon reportedly has invested more than $1 billion in Iusacell while Vodafone paid nearly $1 billion in 2001 for its 34.5 percent stake in Mexico’s third largest wireless operator.
