AT&T announced it has entered into an agreement with Paul, Weiss client Grupo Salinas to acquire Mexican wireless company Iusacell for $2.5 billion, inclusive of Iusacell’s debt. Under the terms of the agreement, AT&T will acquire all of Iusacell’s wireless properties, including licenses, network assets, retail stores and approximately 8.6 million subscribers. The acquisition will occur after Grupo Salinas, owner of 50 percent of Iusacell, closes its announced purchase of the 50 percent of Iusacell that it does not already own. Subject to customary closing conditions and regulatory approval, the transaction is expected to close in the first quarter of 2015.

The Paul, Weiss team included corporate partners Patrick Campbell, Ariel Deckelbaum, Thomas de la Bastide, Ross Fieldston and David Huntington and counsel Claudine Meredith-Goujon and Sarah Mudho; tax partner Scott Sontag; real estate partner Mitchell Berg; employee benefits partner Lawrence Witdorchic; litigation partners Jay Cohen and Mark Mendelsohn and counsel Richard Elliott and Bruce Searby; and environmental counsel William O’Brien.