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 five Latin American countries, including Argentina, Brazil, Chile, and Mexico. NII recently launched HSDPA-based 3G service in Mexico as planned expansion in other countries continues.
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. 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.
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.
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.