Latham & Watkins Advises Telefónica on Sale of Chilean Business to NJJ and Millicom

Inversiones Telefónica Internacional Holding SpA, a wholly owned subsidiary of Telefónica, has transferred to NJJ Holding SAS and Millicom Spain S.L. 100% of the share capital of Telefónica Móviles Chile S.A. (Telefónica Chile) for a firm value of approximately US$1.215 million (approximately EUR 1,030 million at the current exchange rate) and an additional payment of US$150 million (approximately EUR 126 million at the current exchange rate) subject to the potential occurrence of certain events in the Chilean telecommunications market.

Latham has advised Telefónica on numerous recent telecommunications mergers and acquisitions and financing transactions in Latin America. Latham represented Telefónica in its sale of Colombia Telecom Coltel to Millicom, in its US$1.245 billion sale of its Argentina operations, its completed US$440 million sale of Telefónica Móviles del Uruguay S.A., its completed US$380 million sale of Telefónica Ecuador, as well as other transactions in Chile, El Salvador, Guatemala, Nicaragua, Panama, and Costa Rica.

Latham & Watkins LLP represented Telefónica in the transaction with a deal team led by Latin America Practice partners Tony Del Pino and Ignacio Pallarés, with associates Mapi Villanueva, Francisco Lanusse, and Catalina Ucros Tellez. Advice was provided on tax matters by partner Jordi Domínguez and partner Juan Rodriguez; and on intellectual property matters by partner Jeffrey Tochner, with associate Sebastian Moss.