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

Following final approval from the Government of Uruguay, Telefónica has completed the sale of 100% of Telefónica Móviles del Uruguay S.A. (Movistar) to Millicom International Cellular S.A. for an enterprise value of US$440 million. 

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 US$380 million sale of Telefónica Ecuador in June, as well as transactions in Chile, Colombia, El Salvador, Guatemala, Nicaragua, and Panama.

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.