Update on Nextel Brazil
28 February 2018 – Reference is made to the announcement made by NII Holdings, Inc (NII) (NASDAQ: NIHD) dated 28 February 2018, and the announcement made by ice group dated 6 June 2017 regarding the Investment Agreement between AINMT Holdings AB (“ice group”) and NII to partner in the ownership of NII’s Brazilian operating subsidiary, Nextel Telecomunicações Ltda. (“Nextel Brazil”).
NII has given notice to terminate the Investment Agreement, effective immediately, as a result of ice group choosing not to exercise its option to invest an additional USD 150 million (“Step 2 investment”) to increase its ownership in Nextel Holdings S.à r.l. (Nextel Holdings) from 30 percent to 60 percent. Termination of the investment agreement is without penalty to ice group or NII.
ice group remains a 30 percent shareholder in Nextel Holdings and intends to continue to meet all of its obligations in the shareholders agreement between Nextel Holdings, NII and ice group. ice group continues to assess its options with regards to its investment in Nextel Holdings and intends to continue to support the turnaround of the business.
The Investment Agreement provides for NII to contribute proceeds arising from the release of escrowed funds from the sale of NII’s operations in Mexico to Nextel Holdings through a 115 Account without the issuance of shares. ice group believes that this requirement survives termination of the Investment Agreement, however NII has notified ice group that it does not believe this requirement survives termination of the Investment Agreement.
For further information, please contact:
Investors: Johan Michelsen, deputy CEO, ice group, +47 410 87 000
Media: Endre Aaberg Johansen, Corporate Communications AS, tel: +47 41 61 06 05, email: firstname.lastname@example.org