AT&T is on a shopping spree in Mexico – it completed the acquisition of the country's third largest operator, Iusacell, just nine days ago and has already struck a deal with the second largest carrier, Nextel Mexico.

Interestingly, the Iusacell deal was a $2.5 billion acquisition while the US carrier is paying only $1.875 billion for Nextel. Nextel's parent company NII Holdings Inc. is in bankruptcy protection and will use the money to fund its Brazilian operation. Nextel is also in debt, the size of which was not announced.

Nextel Mexico's network covers 76 million people of 118 million total. AT&T plans to combine both carriers (Nextel and Iusacell) to improve the coverage, especially outside of metropolitan areas. With the deal, AT&T will also get Nextel's spectrum licenses, network assets and retail stores.

The deal will naturally be subject to regulatory approval and if that goes well it should close in the middle of this year.

The biggest carrier – owned by the world's richest man, Carlos Slim – is in trouble with the regulators since it has the overwhelming majority of Mexico's mobile customers and has been looking to sell a large portion of its business.

AT&T also acquired DirectTV, the US-based satellite TV provider, which has 41% ownership in SKY Mexico.

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