Scandinavian telecoms firm Ice Group (formerly AINMT Holding) has confirmed that US-based NII Holdings has terminated the investment agreement between the two parties, which would have seen Ice raise its stake in Nextel Brasil from 30% to 60%. A statement from the company reads: ‘Ice Group continues to assess its options with regards to its investment in Nextel Holdings and intends to continue to support the turnaround of the business.’
According to TeleGeography’s GlobalComms Database, in July 2017 AINMT Holdings successfully completed the USD50 million acquisition of a 30% stake in Nextel Brasil from Nextel Holdings (a wholly-owned subsidiary of NII Holdings).
The Scandinavian firm was given the option to invest an additional USD150 million in Nextel Brasil by 15 November 2017, in exchange for a further 30% stake. Ice appealed for an extension from NII when no deal was secured, but now the investment agreement has been formally terminated.