Nortel takes 10 pct stake in Mexico's Axtel. México :: Mexico

Nortel takes 10 pct stake in Mexico's Axtel


Fecha Jueves, mayo 08 @ 15:46:12
Tema México :: Mexico


Canadian telecommunications equipment maker Nortel Networks has taken a 10 percent stake in Mexican telephone operator Axtel, as part of Axtel's restructuring of its debt, the Mexican phone company said on Wednesday.


Axtel also said in a statement that it extended its technology provider contract with Nortel by an additional five years.

Axtel, one of several privately held Mexican telecoms struggling to strengthen finances and extend payment deadlines on debt, did not give the value of Nortel's stake.

Axtel, a small phone company that offers residential and business phone lines in competition with dominant Mexican operator Telmex (nyse: TMX - news - people), said it reduced its debt by $400 million in the restructuring effort.

Bell Canada International, BCE Inc.'s former overseas wireless telecoms subsidiary, reduced its stake in the company to 1.5 percent from 27 percent in the restructuring arrangement, while a group of foreign investors including various insurance companies now hold 24 percent of Axtel.

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