AT&T recovers 45% of its roughly $4.4 billion Mexico outlay in a $2 billion sale

Whether $2 billion is cheap depends on the denominator, and the denominators here disagree. Against 2025 revenue of 85.4 billion pesos, or $4.65 billion at 18.36 pesos to the dollar, the price is 0.43 times sales ^[6][23]. Against operating income of 1.4 billion pesos, about $76 million, it is about 26 times ^[22][24], on an operating margin of 1.6% ^[25]. Per subscriber it comes to $81 across the 24.7 million ^[10][27]. Both multiples use the headline figure, which AT&T said is subject to adjustments and comes with additional contractual and contingent benefits ^[5].

Scotiabank described the deal as a "bargain" ^[15], and its argument is about the next owners. "We think the low price tag and Fintech involvement is, in itself, bad news for (America Movil), as it means the new owners can focus more resources in capex," Scotiabank said ^[16]. Telcel operates twice as many towers and runs a much stronger 5G network, according to the same report ^[17]. AT&T put roughly $4.4 billion into Iusacell and Nextel and still sits 42 points of share behind Telcel ^[12][28]. Televisa tried telecoms once before, between 2012 and 2014, and failed ^[4]. We think the buyers' case is wrong if share stays near 16% after the capex, because then they have paid 26 times earnings on a 1.6% margin.

By selling, AT&T is choosing not to pay for a network build in Mexico. Last year's operating income was 3.8% of the sale price ^[26], and closing the share gap would have meant funding the kind of network build the buyers now plan. AT&T said the sale lets it concentrate its focus and resources on the US, where it is pressing ahead with 5G and fiber ^[3]. Chief executive John Stankey said, "We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets," and added, "This move positions AT&T Mexico to participate in that evolution" ^[2]. Investors took it calmly: AT&T shares gained 1.6% to close at $22.85, while Televisa rose 5% in after-hours trading ^[19][18].

The wider claim, that AT&T is pulling capital out of emerging-market wireless, is thinner than the Mexico sale itself. The reporting documents one AT&T exit from one country, plus Telefonica's April sale of its Mexican business as it shifts toward core European markets ^[1]. It does not list other wireless operations AT&T holds abroad, so the pattern rests on two sellers in the same market.