Verizon and Vodafone reject late Fintech bid for Iusacell

22 Jul 2003

US investment fund Fintech has had its USD20 million offer for a controlling stake in Iusacell, Mexico’s third largest cellco, rejected. US-based Verizon and Vodafone of the UK, which own 39.4% and 34.5% of the operator respectively, turned down Fintech’s bid, saying that they have already agreed a deal with local paging company Móvil Access. Any buyer of the cellco will have to assume its USD800 million-plus debts.