Latham & Watkins Advises Telefónica in US$440 Million Sale of Telefónica Móviles Del Uruguay S.A.

Telefónica has announced that it has reached an agreement for the sale of all its shares in Telefónica Móviles del Uruguay S.A. to Millicom Spain, S.L. for US$440 million, representing 100% of its share capital. Telefonica Uruguay is the second largest operator in Uruguay.  The transaction is subject to certain closing conditions.

Latham has advised Telefónica on numerous recent telecommunications mergers and acquisitions and financing transactions in Latin America. Latham represented Telefónica in its US$1.245 billion sale of its Argentina operations in February, and its US$400 million transaction with Millicom to acquire Telefónica’s controlling 67.5% equity stake in Colombia telecom service provider Coltel in March, as well as transactions in Chile, Colombia, El Salvador, Guatemala, Nicaragua, and Panama.

Latham’s Latin America team has been at the vanguard of high-profile M&A deals in the region, including Davivienda’s combination with Scotiabank announced in January, Softys’ acquisition of Ontex’s Brazilian operations in March, GIP in its US$1 billion joint venture with Vale and WWE’s acquisition of Mexican lucha libre promoter AAA in April.

Latham & Watkins LLP represents Telefónica in the transaction with a team led by Latin America Practice partners Tony Del Pino, Ignacio Pallarés, and John Slater, with associates Mapi Villanueva,* Francisco Lanusse, and international visiting associate Lisa Carral Flores. Advice was provided on intellectual property matters by partner Jeffrey Tochner, with associate Sebastian Moss; and on tax matters by partner Jordi Dominguez and counsel Blanca Vazquez de Castro.

*Admitted to practice law in Spain.