NII Holdings and AINMT complete investment by AINMT for 30 percent stake in Nextel Brazil
Clients NII Holdings, Inc.
Jones Day advised NII Holdings, Inc. (NASDAQ: NIHD) in its partnership to jointly own and operate Brazilian mobile telecommunications company Nextel Brazil with AINMT Holdings AB (“AINMT”), an international telecommunications company and parent of the Norwegian operator ice, the fastest growing mobile network operator in Norway. AINMT invested $50 million for a 30 percent stake in Nextel Holdings S.à r.l. (the “Company”), a wholly-owned subsidiary of NII, which owns Nextel Brazil. AINMT has the option to invest an additional $150 million in the Company. If AINMT exercises its option, AINMT’s total $200 million new equity investment would result in a 60 percent controlling stake in the Company. NII will contribute to the company all of its freely distributable cash and proceeds arising from the return of its escrow from the sale of Nextel Mexico, except for $50 million in cash that will remain at NII, and retain a 40 percent stake in the Company assuming AINMT exercises its option.