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Latham & Watkins Advises Telefónica on Acquisition by Liberty Latin America Ltd

August 3, 2020
A cross-border team advised the Madrid-based telecommunications company in the transaction.

Telefónica S.A and Liberty Latin America Ltd. have announced that they have entered into a definitive agreement to acquire Telefónica’s wireless operations in Costa Rica (Telefónica Costa Rica), one of Costa Rica’s largest mobile service providers. The all-cash transaction values Telefónica Costa Rica at an enterprise value of US$500 million on a cash- and debt-free basis. This equates to an estimated multiple of 6.0x Telefónica Costa Rica’s fiscal year 2019 Adjusted OIBDA , including projected annual run-rate synergies. 

Latham & Watkins LLP represents Telefónica in the transaction with a cross-border corporate deal team led by New York partner and Latin America Practice Global Chair Antonio del Pino and Madrid partner Ignacio Pallarés, with Madrid associate Francisco Lanusse and New York associate Alan Rozen. Advice was also provided on tax matters by Madrid partner Jordi Dominguez, with Madrid associate Blanca Vazquez de Castro; and on intellectual property matters by New York partner Jeff Tochner, with New York associate Meredith Ward.