Grupo Televisa will acquire a 50% stake in Mexican mobile operator, Grupo Iusacell, The Wall Street Journal reports. The Mexican media conglomerate will pay $1.6 billion for the acquisition.

Mexico City-based Iusacell intends to use $300 million from the proceeds to pay down debt and rest for financing expansions. Televisa will invest $37.5 million in capital and $1.565 billion in Iusacell convertible debt, adds AFP.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from AFP.