US-based NII Holdings has secured a ‘strategic alliance’ with Buenos Aires-based media conglomerate Grupo Clarin. In connection with the transaction, Clarin has acquired a 49% equity interest in local mobile operator Nextel Argentina, including the option to acquire the remaining 51% equity interest in the cellco upon receipt of approvals from the local regulatory authorities. The deal has been valued at USD178 million, of which USD159 million was paid up front, with the remainder due within 30 days. According to NII, the net proceeds received from the transaction will be used to provide additional liquidity to support the company’s sole remaining subsidiary, Nextel Brasil. Nextel Argentina will continue to be controlled and operated by NII pending the receipt of the necessary regulatory approvals.