Covington Represented Financial Advisors to NII Holdings in Sale of Nextel Brazil

NEW YORK—Covington represented Rothschild & Co US Inc. and Greenhill & Co., financial advisors to NII Holdings, Inc., in its sale of Nextel Brazil to América Móvil for a purchase price of $905 million on a debt-free and cash-free basis. The sale represents the disposition of NII's sole remaining operating asset. Additionally, in connection with the transaction, AI Brazil Holdings BV has agreed to sell its 30% interest in Nextel Brazil so that América Móvil will be the sole owner of Nextel Brazil following the transaction.

NII Holdings, Inc., a publicly held company based in Reston, Virginia, is a provider of mobile communication services for individual consumers who use its services to meet both professional and personal needs in Brazil. NII Holdings, operating under the Nextel brand, offers fully integrated wireless communication tools with digital cellular voice services, data services, international voice and data roaming services, and other value-added services.

The Covington corporate team consisted of J. D. Weinberg, John Mei, and Valerie Campbell.