Claro S.A. entered into a purchase agreement to acquire Nextel Holdings S.à r.l. from NII Holdings, Inc. (NasdaqGS:NIHD) for approximately $970 million on March 18, 2019. Under the terms, the aggregate consideration amount will be $974 million, consisting of $905 million in a cash-free and debt-free basis, together with the capital lease obligations of Nextel at a value of approximately $69 million to be indirectly assumed by América Móvil, S.A.B. de C.V, parent of Claro. The consideration will be subject to certain adjustments at closing. América Móvil will place $30 million of the purchase price into an 18-month escrow account to secure indemnification obligations of NII Holdings, Inc. (NasdaqGS:NIHD). In case of termination, NII is required to pay a termination fee of $25 million. Roberto Rittes, Chief Executive Officer of Nextel Holdings S.à r.l. and former Principal Executive Officer of NII Holdings, Inc. will no longer be employed. The transaction is subject to approval of the stockholders of NII, receipt of required ANATEL approval, CADE approval, consummation of the disposal by AI Brazil of its interests in Nextel Holdings S.à r.l. to NII Holdings and either an amendment eliminating the obligations contemplated under, or an escrow agreement providing for a deposit in accordance with, NII’s Indenture with respect to NII’s 4.25% Convertible Senior Notes due 2023. The transaction has been unanimously approved by Board of Directors of NII Holdings. As of June 27, 2019, the transaction is approved by shareholders of NII Holdings. As of July 26, 2019, the competition department of Brazilian telecom regulator Anatel gave the green light for the transaction. However, it still needs approval from Anatel's board. As of September 9, 2019, Brazil's antitrust regulator has given approval to the acquisition. As per disclosure of September 30, 2019, Claro will have to return some of Nextel's spectrum as part of the merger approval of Brazil's antitrust regulator Cade. After Cade's green light for the deal, Anatel also gave its final nod to the transaction, but required the devolution of spectrum in the 850MHz band which would exceed the regulatory limit. Claro's incorporation of Nextel is also conditioned on the presentation of the latter's tax and fiscal conformity documents, as well as the cancellation of overlapping operating permits. The deal was expected to close in 2019. As of April 9, 2019, the deal was expected to close by September 2019. As of October 16, 2019, the deal was expected to close in November 2019. On October 24, 2019, TIM filed an appeal with Cade against the approval of the transaction. As on December 10, 2019, transaction is approved by CADE, Brazilian antitrust authority. Transaction is expected to complete on or around December 18, 2019. Rothschild and Greenhill & Co. acted as financial advisors for NII Holdings. S. Wade Angus of Jones Day acted as legal advisor for NII and Matthew Thompson and Geoffrey Levin of Sidley Austin LLP acted as legal advisors for AI Brazil Holdings B.V. Neil Whoriskey, Nicolas Grabar, Leonard C. Jacoby, William L. McRae, Arthur H. Kohn and Duane McLaughlin of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors for América Móvil. J. D. Weinberg, John Mei, and Valerie Campbell of Covington & Burling LLP acted as legal advisors to Rothschild and Greenhill & Co. MacKenzie Partners, Inc. and Broadridge Financial Solutions, Inc. acted as information agents for NII Holdings. Marc Elvinger and Alexander Koch of Hogan Lovells US LLP acted as legal advisor to NII Holdings, Inc. Claro S.A. entered into a purchase agreement to acquire Nextel Holdings S.à r.l. from NII Holdings, Inc. (NasdaqGS:NIHD) for approximately $950 million on December 18, 2019. The toral purchase price was approximately $950 million after making adjustments.