Latham & Watkins Advises Telefónica in Completed US$380 Million Sale of Telefónica Ecuador to Millicom

Telefónica Hispam has completed the sale of 100% of its stake in Telefónica Ecuador to Millicom Spain, S.L., in an operation valued at US$380 million. This transaction is part of Telefónica's strategy to optimize its portfolio and progressively reduce its exposure in Latin America, focusing on key markets and the generation of sustainable value.

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, its US$400 million transaction with Millicom to acquire Telefónica’s controlling 67.5% equity stake in Colombia telecom service provider Coltel in March, and its completed US$440 million sale of Telefónica Móviles del Uruguay S.A. in October, as well as other transactions in Chile, Colombia, El Salvador, Guatemala, Nicaragua, Panama, and Costa Rica.

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, with assistance from Catalina Ucros and international visiting associate Fathia Zapata. 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, with associate Ana Serrano.

*Admitted to practice law in Spain.