U.S. telecoms giant AT&T struck an agreement to sell its Mexican mobile unit to Grupo Televisa and Fintech Holdings for $2 billion.

The carrier confirmed the deal this week, noting that the sale will enable the company to focus on its 5G and fiber network in the U.S.

A sale of the unit has been on the cards for some time, with reports last December swirling that Grupo Televisa was nearing a deal to acquire AT&T's Mexican unit.

For Televisa, the deal would significantly grow its operations in Mexico, growing its share of total fixed and wireless subscribers in Mexico ​from 8% to 19%.

As part of the agreement, Televisa and Fintech Holdings, which owns a 22.3% stake in Televisa, will each take a 50% ​stake in the purchasing consortium.

“We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets,” AT&T CEO John Stankey noted. “This move positions AT&T Mexico to participate in that evolution and is consistent with our long-term strategy to focus our capital allocation on opportunities for growth in the vibrant U.S. market.”

The carrier said it expects to close the sale in the first quarter of 2027.

AT&T entered the market back in 2014 after acquiring Grupo Iusacell SA for $2.5 billion, before snapping up the Mexican business of NII Holdings a year later for $1.9 billion.

Ironically, Televisa acquired a 50% stake in mobile operator Iusacell in 2012, before it was bought out by its co-owner Grupo Salinas, which then sold the entire unit to AT&T.

Despite AT&T's decade-long pursuit of the Mexican market, the carrier's market share in the country is around 18%, which is significantly behind market heavyweight Telcel with around 64%. AT&T currently has more than 24.7 million wireless subscribers in Mexico.