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AT&T Mexico

AT&T Mexico is a and wholly owned of Inc., providing mobile voice, data, , and related services to consumers and businesses across . Established in 2015 through AT&T's acquisitions of Iusacell for $2.5 billion and Nextel for $1.9 billion, which were subsequently merged under the AT&T brand, the company traces its origins to Iusacell, founded in 1987. With network coverage reaching 90% of 's population, AT&T operates as the second-largest mobile provider in the country, commanding approximately 18% and serving over 23 million subscribers as of late 2023. In 2025, amid AT&T's strategic refocus on core U.S. operations, the company has explored divesting its Mexican unit for more than $2 billion, reflecting challenges in achieving competitive parity against dominant player Telcel's 64% share.

Overview

Establishment and Corporate Structure

AT&T Mexico was established in 2015 as the result of AT&T Inc.'s acquisitions of the Mexican wireless operators Iusacell and Nextel Mexico, followed by their operational merger to form a unified entity under the AT&T brand. Iusacell, originally founded in 1987, had been acquired by AT&T on November 7, 2014, in a transaction valued at $2.5 billion, which included the operator's debt and all wireless properties. Nextel Mexico, facing financial distress, was purchased through U.S. bankruptcy proceedings for $1.875 billion, with the deal closing on April 30, 2015, after approval by the U.S. Bankruptcy Court for the Southern District of New York. These moves positioned AT&T to enter Mexico's competitive telecommunications market, leveraging the acquired spectrum and infrastructure to serve over 400 million potential customers across North America. The merger integrated Iusacell's GSM-based network with Nextel Mexico's iDEN push-to-talk technology, rebranding the combined operations as AT&T Mexico to emphasize seamless connectivity with AT&T's U.S. services. This structure allowed for shared roaming agreements and cross-border billing, though initial integration faced technical challenges in unifying disparate network standards. By mid-2015, the entity began operating under a single brand, phasing out Iusacell and Nextel identities while retaining key assets like Iusacell's 2.5 GHz spectrum holdings. As a wholly owned subsidiary of AT&T Inc., AT&T Mexico operates primarily through Mexican limited liability companies, including AT&T Comunicaciones Digitales, S. de R.L. de C.V., which handles core voice, data, and broadband services. The corporate structure emphasizes operational autonomy in regulatory compliance with Mexico's Federal Telecommunications Institute (IFT) while aligning with AT&T's global standards for network investment and customer data management. Ownership remains 100% with AT&T Inc., with no minority stakes or joint ventures diluting control, enabling direct capital infusion for 4G LTE expansions post-establishment.

Operational Scope and Market Presence

AT&T Mexico operates primarily as a provider, offering voice, data, and messaging services to consumers and businesses across the country. Its portfolio includes postpaid and prepaid plans under the brand, with additional solutions such as , dedicated network connectivity, and cloud-based services tailored for corporate clients. The company maintains a focus on 4G LTE and emerging capabilities, supported by spectrum holdings in key bands for nationwide deployment. While fixed-line remains limited, operational emphasis lies in to capture in a dominated by penetration. In terms of market presence, AT&T Mexico holds approximately 18% of the national mobile subscriber base, positioning it as the third-largest operator behind Telcel (64%) and Movistar. As of December 2024, the company served more than 23 million total wireless subscribers, reflecting steady growth from post-acquisition integration efforts. Its network provides LTE coverage to over 104 million people, equivalent to roughly 80% of the population, with high availability metrics exceeding 99% in user experience reports for 3G/4G/5G connections. Headquartered in Mexico City, AT&T Mexico employs over 14,300 personnel dedicated to operations, customer support, and network maintenance as of 2023. The company's geographic footprint spans urban centers and rural areas, leveraging owned and shared to achieve broad , though it trails dominant incumbents in depth and rural . from Mexican operations reached $4.29 billion in 2024, underscoring a viable but competitive position amid ongoing investments exceeding $10 billion since entry. AT&T Mexico's retail distribution includes thousands of points of sale, emphasizing digital channels and partnerships for subscriber acquisition in a prepaid-heavy .

History

Pre-AT&T Foundations (Iusacell, Nextel, and Unefon)

Iusacell commenced operations in as Mexico's inaugural mobile telephone provider, initially offering analog cellular services before transitioning to digital CDMA technology. The company, founded by the Peralta family, expanded coverage through acquisitions of smaller regional operators and pioneered services such as connectivity and internet in the Mexican market. By the early , Iusacell held a modest , focusing on postpaid subscribers in urban areas amid competition from dominant players like . Unefon, established in 1997, operated as a wireless carrier emphasizing prepaid services for the mass market, utilizing TDMA technology initially. In 2010, Unefon shifted to GSM infrastructure, leveraging shared network assets with Iusacell to enhance coverage and service quality. In March 2007, , the parent entity, merged Unefon Holdings into Iusacell, consolidating operations and boosting the combined subscriber base to over 3.4 million, representing approximately 7% of Mexico's wireless market at the time. This integration allowed Iusacell to diversify its offerings, retaining Unefon as a prepaid brand while streamlining infrastructure and administrative functions under unified CDMA and emerging deployments. Nextel Mexico launched commercial services in 1998 under NII Holdings, employing proprietary technology that enabled integrated digital enhanced network capabilities, including nationwide push-to-talk dispatch features appealing to enterprise and government users. The operator built a specialized footprint with direct access spectrum allocations, differentiating itself through walkie-talkie-like communications and data services, though it maintained a niche position with limited overall compared to GSM-based rivals. Prior to its 2015 acquisition, Nextel Mexico had deployed enhancements in select cities by 2012 to support evolving demands.

Entry and Acquisitions (2014-2015)

AT&T announced its entry into the Mexican market on November 7, 2014, through an agreement to acquire wireless operator Iusacell from for $2.5 billion, including approximately $800 million in debt. The transaction encompassed Iusacell's wireless properties, spectrum holdings, and roughly 8.6 million subscribers, enabling to establish a foothold in Mexico's post-reform competitive landscape. The acquisition was completed on January 16, 2015, after regulatory approvals, marking 's operational launch in the country. Building on this foundation, AT&T pursued further expansion by agreeing on January 26, 2015, to purchase Nextel Mexico from NII Holdings for $1.875 billion, amid NII's Chapter 11 bankruptcy proceedings in the United States. Nextel Mexico brought additional iDEN-based infrastructure, spectrum assets, and an estimated 2.4 million subscribers, complementing Iusacell's GSM/LTE network and broadening AT&T's coverage. The deal received approval from Mexican authorities and the U.S. Bankruptcy Court, closing on April 30, 2015. These back-to-back acquisitions rapidly scaled AT&T's presence, combining customer bases exceeding 11 million and key spectrum bands to challenge dominant incumbents like , while leveraging synergies in network migration and service unification. The moves aligned with Mexico's 2013 telecom reforms, which capped market concentration and permitted full foreign ownership, fostering increased competition.

Mergers and Early Integration (2015-2016)

AT&T completed its acquisition of Iusacell from Grupo Salinas on January 16, 2015, for $2.5 billion, including $800 million in debt assumed. This deal provided AT&T with Iusacell's nationwide wireless network covering approximately 70% of Mexico's population and about 8.5 million subscribers. On April 30, 2015, finalized the purchase of Nextel Mexico from NII Holdings for $1.875 billion, following NII's bankruptcy proceedings. Nextel Mexico operated primarily in urban areas with around 2.4 million subscribers and held valuable assets, including AWS bands. Following the acquisitions, AT&T initiated the merger of Iusacell and operations under the unified AT&T Mexico brand, appointing Arroyo as CEO to oversee integration. Early efforts focused on unifying employee cultures, standardizing service offerings, and beginning network integration to create a single provider serving over 11 million customers. Rebranding of stores and marketing to AT&T commenced in August 2015, aiming to establish a seamless North American mobile footprint. In , integration advanced with substantial capital investments in network upgrades and coverage expansion, targeting 75 million people by year-end. AT&T Mexico reported $606 million in revenues for the second quarter, though incurring a $225 million operating loss due to these ongoing investments and operational unification costs. The process emphasized spectrum consolidation and infrastructure harmonization to enhance amid from dominant incumbents.

Expansion and Operational Challenges (2017-2024)

Following the 2016 merger of its acquired assets, AT&T Mexico pursued aggressive network expansion, committing $3 billion in capital expenditures through 2018 to extend high-speed mobile broadband coverage to 100 million people across the country. This included launching MetroPCS-branded services in October 2017 targeted at prepaid urban users, aiming to capture low-income segments underserved by competitors. By 2024, cumulative investments exceeded $10 billion, funding 4G densification and initial deployments in major cities such as , , and , with further rollout to five additional cities including , , , , and . These efforts positioned AT&T as the third-largest operator, serving approximately 22.6 million subscribers by mid-2024. Operational challenges persisted amid dominance by América Móvil's , which controlled over 60% of the mobile market, limiting AT&T's share to around 18% despite expansion. Intense price competition and integration hurdles from prior acquisitions eroded margins, with AT&T's Mexico unit generating revenue growth but failing to achieve profitability on par with U.S. operations, as noted in reports highlighting significant rivalry from incumbents. Regulatory pressures compounded issues, including high costs that deterred participation in subsequent bids and evolving oversight from bodies like the Federal Telecommunications Institute, which imposed asymmetric obligations favoring newer entrants but struggled to erode Telcel's entrenched position. By 2024, these factors contributed to strategic reevaluation, with AT&T exploring divestiture of its Mexican operations for over $2 billion, signaling underwhelming returns after a decade of investment amid macroeconomic volatility and foreign operator disadvantages. Additional strains included disputes over tower leasing payments, risking cash flow disruptions for infrastructure partners, and delays in 5G scaling due to limited mid-band spectrum holdings compared to rivals. Despite coverage gains, customer acquisition lagged, with prepaid churn high in a market where economic inequality favored budget plans from dominant players.

Services

Mobile Wireless Offerings

AT&T Mexico delivers mobile wireless services via prepaid and postpaid subscriptions, encompassing voice calls, messaging, and mobile data with 4G LTE and capabilities on compatible networks and devices. Prepaid options, marketed as AT&T Simple or Prepago, operate on a pay-as-you-go model without long-term contracts, requiring users to purchase recargas to activate monthly plans featuring unlimited national voice minutes and . Prepaid plans include tiers such as 12 GB data for MXN 200 monthly and 18 GB for MXN 300, both with unlimited calls to Mexico, the , and , alongside zero-rated access to seven social networks like and . Higher recarga amounts, such as MXN 299 to 649, provide varying data allotments while maintaining unlimited voice and text benefits across . Services activate via physical cards or , with an initial activation fee of MXN 300. Postpaid plans, under the AT&T Premium brand, require a 12-month commitment for entry-level options and include unlimited voice and to , the , and , with tiered high-speed data from 5 GB at MXN 319 per line to 50 GB at MXN 699. In September 2025, AT&T Mexico updated its postpaid lineup to six plans starting at 10 GB for MXN 319, scaling to 50 GB for MXN 699, incorporating hotspot sharing, up to six zero-rated social apps, and access. Multi-line family arrangements allow data sharing among subscribers, subject to plan-specific terms. All offerings support device financing over 24-36 months and international roaming add-ons beyond included North American coverage.

Broadband and Fixed-Line Services

AT&T Mexico's services are delivered primarily through access (FWA) technology, branded as Internet en Casa, which utilizes the company's mobile network to provide home internet without requiring traditional wired infrastructure. Launched on April 17, 2018, the initial offering provided download speeds of 10 Mbps, supporting simultaneous connections for up to five devices, at a monthly price of 350 Mexican pesos (approximately 19 USD at the time). This service targets residential users seeking an alternative to wireline , with options to bundle additional data packages via existing mobile plans for enhanced capacity. The en plans underwent a price adjustment announced in , effective , reflecting changes in operational costs amid Mexico's competitive ; specific updated pricing varies by and requires customer selection on the official . Coverage aligns with Mexico's mobile network footprint, which spans approximately 90% of the country's population, though actual FWA performance depends on local signal strength, congestion, and device compatibility. Unlike fiber-optic or DSL providers such as , 's approach avoids capital-intensive fixed-line deployments, prioritizing scalability through spectrum assets in bands. Fixed-line services remain limited, with no evidence of owned copper or fiber telephony infrastructure; any local or long-distance voice offerings appear integrated into wireless or IP-based systems rather than dedicated PSTN lines. This contrasts with dominant incumbents like , which control over 80% of Mexico's fixed telephony lines as of recent regulatory data. AT&T Mexico's emphasis on reflects its origins as a mobile-focused operator post-2015 acquisitions, enabling rapid deployment but potentially constraining speeds and reliability in high-demand urban areas compared to wireline alternatives.

Value-Added and Enterprise Solutions

AT&T Mexico provides value-added services that extend beyond core , including a free mobile top-up feature launched in partnership with Moneo on January 15, 2025, which allows prepaid customers to recharge balances using electronic sales receipts from participating merchants. These services aim to enhance user convenience by integrating everyday transactions with telecom billing, though adoption depends on merchant participation and customer awareness of the digital receipt ecosystem. For enterprise clients, AT&T Mexico offers tailored B2B solutions focused on mobility, , and . Key offerings include the AT&T Ármalo Negocios plan, which enables businesses to customize data allowances starting from $239 MXN per month and bundle productivity apps, social media access, and streaming services to support team collaboration. The AT&T Simple Empresarial prepaid option provides flexibility with free service months for commitments of 12, 18, or 24 months, with or without device inclusion, catering to seeking cost control. IoT connectivity solutions connect smart devices to optimize operational efficiency, such as and remote monitoring, integrated into broader business plans. Security features like (MDM) platform enhance data protection and device control for corporate fleets. Additionally, the Control Flotilla AT&T tool supports remote vehicle , including location tracking and usage analytics, to reduce costs and improve . AT&T Mexico has connected over 1 million business lines since entering the market, emphasizing scalable for enterprises. In cloud services, the company completed migration of its Customer Experience Suite systems to Infrastructure in June 2024, improving scalability and real-time processing for enterprise billing and support. Digital commerce enhancements stem from an extended partnership with MATRIXX Software announced February 21, 2023, deploying cloud-native platforms for next-generation billing and monetization tailored to business needs. These solutions prioritize reliability and integration, though their effectiveness is constrained by Mexico's uneven and competition from dominant players like .

Network Infrastructure

Technology Deployments and 5G Rollout

AT&T Mexico initiated its network deployment in July 2015, with initial service launch in October 2015 across six major cities. The expansion accelerated, covering over 100 cities and reaching 78 million people within subsequent years, supported by substantial infrastructure investments including an additional $3 billion commitment to extend coverage. By the end of 2018, the network was projected to serve 100 million people, facilitating the phase-out of older technologies such as CDMA in October 2016, in 2017, and in 2019 to reallocate spectrum and resources toward modern standards. The company also deployed LTE-M for IoT applications, launching commercial service in January 2018 following trials in and during 2017. This included upgrades to the existing infrastructure, enabling low-power wide-area connectivity for enterprise use cases. In parallel, AT&T Mexico extended to specific venues, such as connecting Line 2 with and free across all stations by November 2018. AT&T Mexico commenced 5G deployment in December 2021, utilizing the 2.5 GHz spectrum band for initial non-standalone operations. Commercial 5G services launched in May 2022 in Mexico City, Guadalajara, and Monterrey, with plans to expand infrastructure to 25 additional cities by year-end. Coverage grew to include Morelia, Saltillo, Torreón, Hermosillo, and Culiacán by July 2022, followed by 18 cities total by December 2022, encompassing Tijuana, Mexicali, Ciudad Juárez, Mazatlán, and Ciudad Obregón. Further advancements include private network deployments: the first industrial-grade LTE private network at a maritime terminal with Nokia in August 2022, and Mexico's inaugural private 5G network at Tecnológico de Monterrey in collaboration with Ericsson in February 2024. As of 2025, AT&T Mexico's 5G infrastructure supports coverage in at least 38 cities, including shared access enabling services for partners like Telefónica, though nationwide penetration remains constrained by spectrum availability and lags behind leading competitors.

Spectrum Holdings and Allocation

AT&T Mexico's spectrum holdings are concentrated in low- and mid-band frequencies suitable for wide-area coverage and capacity, primarily acquired through the 2015 merger of Iusacell and Mexico operations, supplemented by targeted purchases in subsequent auctions. The company holds national concessions in the 800/850 MHz band ( Band 5/26), providing approximately 10 MHz of duplexed spectrum for primary coverage, inherited from ’s legacy network and transitioned to . In mid-band, possesses AWS (1700/2100 MHz, Band 4) and (1900 MHz, Band 2) allocations, typically 10-20 MHz paired in each, enabling urban capacity and supplementary rural extension, though partial returns occurred in select regions due to elevated usage fees. For deployment, initiated in late 2021, the operator relies on 2.5 GHz TDD spectrum (around 40 MHz contiguous post-returns), which supports mid-band performance akin to U.S. deployments but limits scalability without additional acquisitions. Higher bands like 3.5 GHz (n78) are not significantly held, with no confirmed national rollout as of 2025.
BandFrequency RangeApproximate BandwidthPrimary Use
800/850 MHz (B5/26)825-835/870-880 MHz uplink; 870-880/915-925 MHz downlink10 MHz duplexed (national)4G coverage, rural penetration
AWS (B4)1710-1755/2110-2155 MHz10-20 MHz paired (regional/national)4G capacity, urban supplemental
(B2)1850-1910/1930-1990 MHz20-30 MHz paired (1700+ municipalities)4G primary capacity
2.5 GHz TDD2500-2570 MHz40 MHz contiguous (national, post-2024 return)5G mid-band rollout
Spectrum allocation in Mexico is managed by the Instituto Federal de Telecomunicaciones (IFT), which conducts public auctions under the 2013 telecom reforms to promote competition, with concessions granted for 15-20 years subject to annual rights payments calculated as a percentage of operator revenues (typically 3-6%) plus fixed fees per MHz. AT&T's initial portfolio stemmed from Iusacell's pre-merger holdings in AWS and , won in earlier IFT tenders, and Nextel's 800 MHz, with expansions via the 2018 IFT-7 auction where it acquired 80 MHz in 2.5 GHz for $76 million to bolster readiness. However, Mexico's spectrum rights regime imposes costs 39-93% above global averages for mid-bands like AWS and , consuming 17.3% of AT&T's revenues versus 5.7% for dominant rival , prompting multiple returns: 40 MHz of 2.5 GHz in 2024, alongside prior relinquishments of 10 MHz AWS and 3 MHz 850 MHz in key cities by 2023. These high fees, rooted in IFT's valuation methodologies favoring revenue shares over outright payments, have deterred from recent 5G auctions, including the postponed IFT-12 tender for 600 MHz, L-band, and additional mid-band blocks launched in January 2025, as costs exceed international benchmarks and hinder investment returns. The operator has advocated for reforms to align fees with peers, arguing that punitive structures favor incumbents with legacy low-cost allocations while stifling expansion for challengers. As a result, 's effective spectrum depth remains below Telcel's, constraining capacity in high-demand areas despite infrastructure investments.

Coverage, Capacity, and Infrastructure Investments

AT&T Mexico's mobile network achieves , with users experiencing a , , or connection 99.1% of the time in tested locations, according to the Mobile Network Experience Report for October 2025. This metric reflects consistent signal presence where demand occurs, though geographic coverage spans the majority of populated areas, supported by post-acquisition expansions following the 2015 merger of Iusacell and Nextel Mexico assets. Capacity enhancements have centered on densification and deployments, initiated in December 2021 across 25 initial cities, with plans to extend to additional urban centers by 2022 to accommodate growing data traffic. These upgrades leverage existing holdings to boost throughput, including agreements for shared last-mile capacity with extending through 2030, which provides mutual access to , , and infrastructure for improved redundancy and load balancing. Infrastructure investments total $10 billion cumulatively through August 2024, directed toward building out sites, backhaul , and upgrades to support nationwide operations and competitive speeds. Early post-entry spending exceeded $7 billion on and modernization, enabling the from systems to higher-capacity amid challenges from dominant incumbents. Ongoing commitments emphasize sustainable growth in urban and underserved regions, though specific annual capital expenditures for remain bundled within AT&T's broader Latin American allocations.

Market Position

Market Share and Financial Performance

AT&T Mexico holds an approximately 18% share of the Mexican mobile market as measured by revenue in 2024, ranking third behind Telcel's 64-67% dominance and ahead of Movistar's roughly 7%. This position stems from subscriber growth amid a fragmented landscape where mobile virtual network operators (MVNOs) captured nearly 15% of the market by year-end 2024, eroding shares among major carriers. The company's subscriber base expanded to 23.6 million as of December 31, 2024, up from 22.3 million at the end of 2023, reflecting modest net additions despite intense competition from Telcel's 84+ million users. Financially, AT&T's segment—dominated by operations—reported $3.9 billion in revenue for 2023, with indications of stability around $4 billion in 2024 amid broader expansion from $17.83 billion to projected growth trajectories. This performance follows cumulative investments exceeding $10 billion since AT&T's 2015 entry via acquisitions of Iusacell and , yet profitability has lagged due to 's pricing power and regulatory hurdles limiting spectrum access and infrastructure deployment. Combined revenues for , , and reached MXN 358.4 billion ($18 billion USD equivalent) in 2024, up 4% year-over-year, underscoring AT&T's contribution but highlighting its secondary role in a -centric .
Metric20232024
Wireless Subscribers (millions)22.323.6
Revenue (Latin America segment, USD billions)3.9~4.0
Persistent market challenges, including stalled subscriber momentum and disputes over tower rents contributing $300 million annually to partners like American Tower, have fueled strategic reviews, including a potential 2025 divestiture valued at up to $2 billion.

Competitive Dynamics with Telcel and Others

AT&T Mexico operates in a highly concentrated mobile market dominated by Telcel, which commanded 64% of subscribers and the majority of revenues as of mid-2025, while AT&T held approximately 18% share, with Telefónica's Movistar and smaller operators like Megacable and MVNOs dividing the rest. This disparity reflects Telcel's entrenched advantages from decades of infrastructure buildup and brand loyalty, contrasting with AT&T's post-2015 entry via acquisitions of Iusacell and Nextel, which targeted urban and postpaid segments to challenge the incumbent. Despite regulatory mandates for wholesale access and infrastructure sharing to level the field, Telcel has sustained its lead through superior rural coverage and economies of scale, limiting AT&T's ability to achieve symmetric competition. AT&T's strategies emphasize quality and bundled offerings, including aggressive rollout in high-density areas and enterprise-focused solutions, backed by over $10 billion in cumulative investments to close the performance gap. However, counters with broader spectrum holdings and faster median download speeds—82.69 Mbps in H1 2025 per Ookla metrics—enabling it to retain power in data services amid rising demand. Price competition has intensified, particularly in prepaid data plans, where AT&T has matched or undercut on costs to attract cost-sensitive users, though low-margin dynamics and Telcel's volume advantages have eroded profitability for challengers. , with declining share, has leaned on agreements with AT&T's for access, indirectly bolstering the latter's utilization while highlighting its own lags. The extends to fixed broadband and value-added services, where pushes fiber expansions in select cities to compete with Telcel's arm, but overall market growth—projected at 3.41% CAGR for mobile through 2030—favors incumbents with diversified revenue streams. 's Q2 2025 operating expenses rose 9% year-over-year due to sales and equipment pushes, yet subscriber gains remain incremental against Telcel's dominance. In 2025, 's pursuit of a sale exceeding $2 billion reflects the structural hurdles of sustaining long-term , as Telcel's position—bolstered by América Móvil's resources—continues to constrain rivals' flexibility and despite reform-era interventions.

Impact on Consumers and Pricing

AT&T's entry into the Mexican mobile market in , following its acquisitions of Iusacell and Mexico, contributed to heightened competition against dominant operator , resulting in initial price reductions for consumers. Cell phone service prices declined by 16.7% between February 2013 and January , coinciding with telecom reforms and the buildup to new entrants like AT&T, as reported by the Federal Telecommunications Institute (IFT). This trend extended post-entry, with AT&T initiating a on North American roaming by offering U.S. and access at domestic Mexican rates, prompting competitors including to eliminate roaming charges and introduce bundled packages with free calls between Mexico and the U.S. Consumers benefited from expanded service options and affordability in prepaid and postpaid plans, as AT&T's aggressive pricing pressured to offer more competitive tariffs, leading to overall cheaper services amid improved dynamics. Fixed-line call charges also dropped sharply following the reforms, with package prices reflecting a historic shake-up that enhanced accessibility for households. However, Telcel's persistent dominance—holding approximately 70% subscriber share—limited the depth of these gains, with AT&T capturing around 15% by the early 2020s, serving roughly 23 million users. Longer-term pricing pressures have been exacerbated by regulatory factors, including high annual spectrum usage fees that disproportionately burden non-dominant operators like , stifling and potentially reversing competitive benefits for through reduced expansions and . These fees, among the world's highest, have been criticized for fostering an anti-competitive that favors incumbents and may deter further price erosion or service improvements. As of 2025, AT&T's considerations for market exit underscore how such barriers have constrained sustained consumer advantages, despite early reforms yielding lower tariffs and broader variety.

Regulatory Environment

Telecom Reforms and IFT Dissolution (2013-2025)

In June 2013, Mexico enacted constitutional reforms to the sector as part of the Pacto por México, aiming to dismantle the market dominance of —controlled by —and foster competition through measures such as asymmetric regulation on prevailing economic agents, mandatory infrastructure sharing, and prevalence rules for content carriage. These reforms addressed longstanding issues of high prices and limited coverage, with mobile penetration below Latin American averages prior to 2013, by empowering an independent regulator to enforce competition and consumer protections. The reforms led to the creation of the Instituto Federal de Telecomunicaciones (IFT) on September 10, 2013, as an autonomous constitutional body replacing the prior Federal Telecommunications Commission (Cofetel), tasked with spectrum auctions, antitrust enforcement, and quality oversight to promote a level playing field. The IFT designated as a prevalent agent in , imposing obligations like free use of its passive by rivals, which facilitated entry for new including AT&T Mexico, whose acquisitions of Iusacell in late and Nextel Mexico in 2015 were enabled by the deregulatory environment and foreign investment liberalization lifting prior 49% ownership caps. AT&T's subsequent investments exceeded $11 billion by 2022, contributing to expanded coverage reaching nearly 77% of the population and a 16.7% drop in mobile service prices between February 2013 and January 2015. Over the subsequent decade, the IFT oversaw spectrum auctions—allocating bands like AWS-3 in 2018 and the 2.5 GHz in 2019—and mediated disputes, though América Móvil retained over 70% mobile market share by 2023, prompting critiques that enforcement lagged against entrenched dominance despite initial price reductions and service improvements. These dynamics supported AT&T Mexico's growth to a 15-20% subscriber base by challenging Telcel's pricing power, yet regulatory asymmetry remained contentious, with the Supreme Court upholding key IFT rulings against appeals from dominant incumbents. Under the administrations of (2018-2024) and (2024-), efforts intensified to curb autonomous agencies perceived as inefficient or ideologically misaligned, culminating in 2024 constitutional amendments mandating the dissolution of bodies like the IFT to centralize functions under executive branches and reduce fiscal outlays. The Federal Telecommunications and Broadcasting Law, published on July 17, 2025, formalized the IFT's extinction, transferring its powers—including concessions, spectrum management, and competition—to the newly formed Comisión Reguladora de Telecomunicaciones (CRT), a non-autonomous entity subordinated to the of Infrastructure, Communications, and Transportation (SICT), alongside a Agencia de Transformación Digital y Telecomunicaciones (ATDT) for policy execution. This restructuring, effective by October 2025, introduced shared spectrum mechanisms and experimental sandboxes for technologies like but elicited industry concerns over diminished independence, potential political interference in auctions and disputes, and risks to USMCA commitments on effective , with analysts warning it could entrench incumbents by weakening antitrust tools that had previously aided entrants like . The transition absorbed IFT resources into SICT oversight, prioritizing universal coverage mandates over competition-focused interventions, amid broader critiques that centralization prioritizes state-directed goals like rural connectivity at the expense of market-driven innovation.

Spectrum Policies and Auction Participations

AT&T Mexico's engagement with spectrum policies has been shaped by Mexico's post-2013 telecommunications reforms, which mandated auctions for allocation under the oversight of the Instituto Federal de Telecomunicaciones (IFT) to foster competition and efficient use of scarce resources. These policies require winners to make upfront payments and ongoing annual fees, often criticized for their high reserve prices that deter bidding and delay network expansions, as evidenced by undersubscribed auctions. In the August 2018 auction for the 2.5-2.69 GHz mid-band , participated aggressively, securing 20 MHz FDD blocks and two 20 MHz TDD blocks totaling 120 MHz across the band, at a cost of 1.4 billion Mexican pesos (approximately $76 million USD at the time). This acquisition bolstered 's capacity for 4G LTE enhancements and laid groundwork for future deployments, positioning it ahead of rivals in mid-band holdings suitable for urban coverage. The October 2021 IFT auction for low- and mid-band spectrum, including 800 MHz and 2.5 GHz blocks, saw limited interest due to reserve prices exceeding 1 billion pesos per block in some cases, with only three of 41 blocks sold. won two 800 MHz blocks to improve rural and indoor penetration, paying a share of the total 1.35 billion pesos raised, while took the sole 2.5 GHz block; the IFT later attributed the auction's failure to overly ambitious pricing that prioritized fiscal revenue over market stimulation. By 2025, following the IFT's dissolution and amid 's evaluation of a potential market exit, the company signaled no participation in the forthcoming auction for network frequencies, citing prohibitive costs and regulatory flux as factors reducing incentives for further investment in amid dominant incumbents' advantages. These policies have enabled to leverage holdings like 2.5 GHz for its launch in late 2021, yet persistent high fees have constrained aggressive expansion compared to low-band reliant competitors.

Foreign Investment and Competitive Barriers

The 2013 constitutional reform in Mexico's sector removed the previous 49% cap on , permitting up to 100% ownership in fixed and mobile services to foster competition and infrastructure development. This liberalization enabled 's entry via the acquisition of Iusacell on November 14, 2014, for approximately $2.5 billion, and Mexico on February 12, 2015, for $1.88 billion, allowing the company to consolidate operations under the brand and invest over $7 billion in network upgrades by 2023. As of 2025, no statutory limits on apply to services, distinguishing them from where a 49% ceiling persists under reciprocity conditions. Despite these openings, structural competitive barriers have constrained foreign operators like , primarily stemming from América Móvil's subsidiary, which maintains a exceeding 60% through entrenched advantages and historical dominance predating the reforms. High spectrum fees, calculated as up to 4.5% of gross revenues plus outright costs, have disproportionately burdened challengers, with the now-dissolved Federal Institute (IFT) estimating that such levies stifled and led to nearly $700 million in blocked returns to the state between 2020 and 2023. 's reluctance to participate in the upcoming 2025 reflects these , as costs reinforce incumbent advantages rather than enabling parity. Regulatory shifts under the administration have amplified these barriers, including the IFT's dissolution in early 2025 and the July 16, 2025, enactment of the new Federal Law on and , which centralizes oversight under government agencies and prioritizes state-directed goals over antitrust enforcement. Critics, including U.S. Representative analyses, contend this undermines USMCA commitments for , potentially deterring foreign capital amid heightened intervention risks. For , these factors contributed to a market share decline from 16.2% in September 2023 to 14.8% by mid-2025, prompting strategic reviews for divestiture valued at over $2 billion—far below cumulative investments—as scaling operations proved untenable against asymmetric competitive conditions.

Controversies and Strategic Developments

Challenges from Market Dominance and Cartel Influence

AT&T Mexico has encountered persistent competitive barriers stemming from 's overwhelming market dominance, with commanding approximately 64% of the mobile subscriber base as of August 2025, compared to AT&T's roughly 18%. This disparity, rooted in 's early advantages and entrenched customer loyalty, has hindered AT&T's ability to scale despite investments following its 2015 acquisitions of Iusacell and Mexico. Regulatory reforms enacted in 2013 sought to curb such monopolistic positions by promoting sharing and asymmetric obligations on dominant players like ('s parent), yet retained its lead through superior rural coverage and pricing strategies that squeezed smaller rivals. These dynamics have translated into financial strain for , with limited spectrum access exacerbating coverage gaps; for instance, in the 2021 auction, high reserve prices deterred broad participation, resulting in only three of 41 blocks sold, primarily to and . Unable to match 's , has struggled with subscriber growth and profitability, prompting explorations of a sale valued at over $2 billion as of August 2025. Critics attribute 's resilience partly to its owner's influence—Carlos Slim's longstanding ties to Mexican political and elites—though empirical data on direct favoritism remains contested beyond historical concessions. Compounding these market pressures, AT&T Mexico's operations face heightened risks from activities, which routinely involve attaching unauthorized "narco-antennas" to cellular towers for encrypted communications, evading surveillance. Cartels have demanded "protection quotas" from telecom technicians, with non-compliance leading to threats or ; reports from 2012–2018 document widespread cartel latches on towers, including those serviced by major operators. Such interference disrupts legitimate service maintenance, elevates security costs, and exposes field workers to peril, as disabling cartel equipment can provoke retaliation. In cartel-stronghold regions like , operators contend with schemes mirroring those imposed on locals, including forced reliance on makeshift cartel under duress, indirectly pressuring network reliability and expansion. While no public data isolates AT&T-specific sabotage incidents, industry-wide vulnerabilities—exacerbated by Mexico's fragmented —have driven operators to bolster private security and limit deployments in high-risk zones.

Regulatory Uncertainty and Government Interventions

In July 2025, Mexico enacted the Federal Law on Telecommunications and Broadcasting (LFTR), which dissolved the independent Instituto Federal de Telecomunicaciones (IFT) and established a new dual regulatory structure comprising the Agencia de Transformación Digital y Telecomunicaciones (ATDT) for policy coordination and the Comisión Reguladora de Telecomunicaciones (CRT) for technical oversight. This overhaul, published on July 16, 2025, replaced the 2014 telecom framework and introduced provisions enabling government intervention, such as service blocking and data retention mandates, amid criticisms that it could enhance political influence over the sector and undermine competition. The IFT's dissolution, approved by in November 2024, immediately disrupted ongoing processes, including the suspension of Mexico's first and the return of nearly $700 million in unused spectrum blocks to the state between 2020 and 2023 due to prohibitive concession fees that the IFT had previously deemed anticompetitive. For AT&T Mexico, this uncertainty manifested in reluctance to bid in subsequent auctions, as high costs and opaque regulatory transitions deterred in , exacerbating challenges in a market where foreign operators face entrenched dominance by local incumbents. Government interventions under the new regime, including the ATDT's expanded role in and connectivity goals, raised concerns among stakeholders about compliance with the USMCA trade agreement's provisions on effective regulation and effective competition, potentially prioritizing state-linked entities like (CFE) in telecom infrastructure over private foreign investment. Critics, including U.S.-based analysts, argued that the shift from an autonomous IFT to politically appointed bodies like the —ratified by the Senate on October 17, 2025—could stifle innovation and broadband rollout, as evidenced by stalled initiatives and heightened operational risks for operators like . These changes, intended to streamline oversight and achieve , instead amplified unpredictability, with the IFT's transitional operations extending until full CRT integration, leaving interim policy voids.

2025 Exit Considerations and Potential Sale

In August 2025, Inc. initiated discussions with financial advisers to explore the sale of its Mexican mobile operations, seeking a valuation exceeding $2 billion, amid ongoing challenges in capturing significant after over a decade of operations. The unit, which encompasses wireless services under the brand following the 2014 acquisitions of Iusacell and Mexico, has faced persistent competitive disadvantages against América Móvil's , which maintains dominance through extensive infrastructure and historical market entrenchment. This divestiture effort reflects 's broader strategic pivot toward streamlining international assets to prioritize higher-return domestic U.S. telecom and fiber investments, consistent with prior restructurings like the 2022 spin-off. No final decision on the sale has been reached as of October 2025, with deliberations continuing amid uncertain buyer interest. Key considerations driving the potential exit include chronic underperformance, with the sought sale price representing approximately 20% of 's cumulative investments in Mexico, underscoring substantial sunk costs and limited profitability. Market dynamics exacerbate this, as Telcel's entrenched position—bolstered by superior spectrum holdings and rural coverage—has constrained AT&T Mexico's subscriber growth to around 10-12% , far below initial post-reform expectations from 2013 telecom liberalization. Further signaling intent, AT&T opted out of Mexico's September 2025 spectrum auction for mid-band frequencies critical to expansion, citing strategic reevaluation over investment in a low-margin market. Operational frictions, such as a reported rent withholding dispute with tower provider in September 2025—potentially jeopardizing $300 million in annual cash flows—have added urgency to divestiture talks, though the company maintains these are routine negotiations. Prospective challenges to completing a sale involve limited appeal to buyers, given Mexico's oligopolistic landscape where foreign entrants face high barriers from incumbent advantages and regulatory unpredictability under the current administration. Potential acquirers could include regional players like Telefónica's or firms, but antitrust scrutiny from Mexico's Federal Telecommunications Institute (IFT) might deter deals that consolidate market power further. AT&T's exit, if realized, could yield $1.5-2.0 billion in 2025 cost savings through reduced capital expenditures and operational overhead, aligning with the firm's goal of $6.5-8.0 billion in total cash benefits from 2025-2027 via U.S. provisions. However, failure to divest might prolong exposure to a market where causal factors like uneven regulatory enforcement and cartel-like influences have historically favored incumbents, per analyses of post-2013 reform outcomes.

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