rose 7% Friday after extending a supply agreement with
( MOT) and making a Mexican acquisition.
The Reston, Va., Latin American wireless service provider said its Nextel Mexico unit agreed to buy Cosmofrecuencias for $200 million.
The deal gives Nextel Mexico a local concession, significant operational cost savings, increased flexibility for additional revenue generating opportunities, and 50MHz of 3.4GHz spectrum nationwide in Mexico.
NII also extended its iDen handset supply pact with Motorola by five years to 2011. Under this agreement, NII Holdings agrees to annually escalating handset commitments delivered by Motorola at competitive prices.
This agreement also includes a commitment from Motorola to continue to invest in development of new iDen devices and infrastructure features. The agreement recognizes the importance of NII Holdings as Motorola's largest iDen customer outside the U.S.
NII rose $4.08 to $62.03.