NII Holdings

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NII Holdings, Inc.
Public
Traded as OTC Pink: NIHDQ
Industry Wireless Services
Predecessor Nextel[1]
Founded 1995[2]
Headquarters Reston, Virginia, United States
Key people
Steve Shindler (CEO)
Products High speed networks Two way messaging, Push to Talk
Revenue USD 6.746 billion
Number of employees
16,089
Website www.nii.com

NII Holdings, Inc. (formerly Nextel International) is a holding company that, through its various subsidiaries, provides iDEN-based mobile communications services under the Nextel brand in Three Latin American countries, including Argentina, Brazil, and Mexico.[3] NII recently launched HSDPA-based 3G service in Mexico as planned expansion in other countries continues.

NII went through bankruptcy in 2014.[4]

History[edit]

NII originally launched as the international business unit of Nextel Communications[5]

Nextel International changed its name to Nii Holdings in 2001[6]

Recent[edit]

Agreement with Televisa[edit]

In February 2010, NII Holdings and Grupo Televisa signed a definitive agreement under which Televisa will acquire an equity stake in Nextel Mexico. Under the agreement, Televisa will invest $1.44 billion in cash for an initial 30% equity stake in Nextel Mexico, which implies Nextel Mexico's pre-investment value at $4.3 billion.[7] On October 19, 2010, however, vice president and COO in Mexico Gustavo Cantu announced the partnership had been terminated by mutual agreement. More recently Cantu spoke about the future of content and telecommunications in Mexico.[8]

Restatement[edit]

On October 27, 2004, NII amended its 2003 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q for the first and second quarters of 2004 to restate its financial statements to correct the errors in the periods in which they originated as soon as practical.[9]

On March 7, 2005, the company said it would restate financial statements for the entirety of 2003 and the first nine months of 2004 after finding accounting errors.[10]

Divestiture of Minority Interest[edit]

In China, Nii holdings had to sell its minority interest in Shanghai CCT-McCaw Telecommunications Systems Co., Ltd in March 2000 because China_Unicom Informed Nii holdings that its minority share of twelve percent had to be terminated because its financing structure was no longer permitted by Chinese regulations.[11]

Due to unfavorable market conditions, Nii holdings sold their twenty one percent Minority interest[12] of NEXNET Co(Nextel Japan) to Motorola for 10 million in exchange for forgiveness of debt owed to Motorola in 2001[13]

Nii holdings also sold their fourteen percent minority interest in Telus[14] for 196 million dollars also in the year 2001[15]

Divestiture of Nextel Peru and Chile[edit]

In August 2014, Nii holdings sold Nextel Chile to Fucata, S.A[16]


Nii holding completed the sale of Nextel Peru to Entel in August 2013 [17] for 400 million dollars[18]


Bankruptcy[edit]

On January 26, 2015, it was announced that AT&T has entered into an agreement with NII Holdings, Inc. to acquire its wireless business in Mexico for US$1.875 billion, less the outstanding net debt of the business at closing, in a transaction pursuant to Section 363 of the U.S. Bankruptcy Code.


References[edit]

  1. ^ http://www.nii.com/aboutus.html About Nii
  2. ^ http://finance.yahoo.com/q/pr?s=NIHDQ+Profile
  3. ^ NII HOLDINGS - About Us
  4. ^ "NII Holdings announces agreement on reorganization plan". Virginia Business. 2014-11-25. Retrieved 2015-01-11. 
  5. ^ http://www.nii.com/aboutus.html About Nii Holdings, Inc
  6. ^ http://www.businessweek.com/it100/2005/company/NIHD.htm
  7. ^ http://www.businessweek.com/news/2010-02-11/televisa-purchase-of-nii-holdings-stake-gets-approval-update1-.html
  8. ^ http://www.bloomberg.com/video/cantu-bauer-morin-on-mexico-telecommunications-ew0YAg~MQtWmdJqtlobPXQ.html?cmpid=yhoo
  9. ^ "NII Holdings Completes Its Review of Nextel Mexico Bookkeeping Errors and Announces Plans to Amend Certain Prior Period Filings; The Cumulative Effect Is a $3.4 Million Understatement of Income Before Taxes and a $2.1 Million Overstatement of Operating Income Related to Prior Periods; Correction of the Errors Will not Impact Third Quarter Results". 
  10. ^ "NII Holdings to restate 2003, 2004 results.". 
  11. ^ Nii holdings. "10 year fiscal year 1999 2. Shanghai, Peoples Republic of China Negotiations.". Edgar online. Nii holdings. Retrieved 20 April 2015. 
  12. ^ Nii holdings. "Fiscal year 1999- Item 1. Business". Edgar online. Nii holding. Retrieved 20 April 2015. 
  13. ^ Nii Holdings. "Form 10k; fiscal year 2001". Edgar Online. Nii Holdings. Retrieved 20 April 2015. 
  14. ^ Nii holdings. "Fiscal year 1999- Item 1. Business". Edgar online. Nii holding. Retrieved 20 April 2015. 
  15. ^ Nii Holdings. "Form 10k; fiscal year 2001". Edgar Online. Nii Holdings. Retrieved 20 April 2015. 
  16. ^ Nii Holdings. "form 10k fiscal year 2014". Nii holdings investor relations. Nii holdings. Retrieved 20 April 2015. 
  17. ^ Nii Holdings. "form 10k fiscal year 2014". Nii holdings investor relations. Nii holdings. Retrieved 20 April 2015. 
  18. ^ Harrison, Crayton. "NII Gains on $400 Million Sale of Peru Division to Entel". Bloomberg.com. Bloomberg. 

External links[edit]