Clarin, the argentina based media conglomerate has reached a deal with NII Holdings to acquire a 49 percent stake in Nextel Argentina, with an option to acquire the remaining 51 percent pending regulatory approvals. Clarin said the total amount paid for the stake in Argentina’s fourth largest mobile operator was USD 178 million, of which USD 159 million was paid up front, with the remaining amount due within 30 days. NII said the net proceeds received from the transaction will be used to provide additional liquidity to support its operations in Brazil.

The operator filed for Chapter 11 bankruptcy in September 2014, subsequently proceeding to sell Nextel Mexico to AT&T for USD 1.9 billion. It finally emerged from Chapter 11 in June, but reported a net loss of 64,000 subscribers in the second quarter, hurt by the weak economic climate in Brazil. NII said it would continue to control and operator Nextel Argentina pending the receipt of the necessary regulatory approvals.

According to reports, Nextel may eventually be controlled by one of Clarin’s subsidiaries, the most likely candidate being its cable unit Cablevision. Nextel is currently Argentina’s fourth largest mobile operator with a 3 percent share of the market, albeit well behind Claro (America Móvil) with 33 percent, Personal (Telecom Argentina) with 32 percent and Movistar (Telefonica), also with 32 percent.