NII Holdings (NIHD) struck a deal with Telefonica (TEF) that saw NIHD stock skyrocket Monday morning.
The holding company signed agreements with Telefonica to provide more voice and data coverage in Brazil and Mexico under the Nextel brand. The deal will expand the areas in the two countries where customers can access voice and data services using 3G services.
The two companies are working closely to complete the agreement as soon as possible. However, Telefonica and NII Holdings’ subsidiaries will continue to operate separately.
The deal was huge for NII shareholders as NIHD stock jumped almost 24% in early trading Monday. NIHD shares are being sold at $2.77.