Latham & Watkins Advises Telefónica on Sale of Telefónica de Costa Rica, Panama and Nicaragua to Millicom

Transaction completes Telefónica’s sale of all Central America operations.

February 22, 2019

Telefónica has announced that it has reached an agreement with Millicom International Cellular, S.A. for the sale of the entire share capital of Telefónica de Costa Rica TC, S.A., and for the sale by Telefónica's subsidiary Telefonica Centroamérica Inversiones, S.L., 60% of which is owned, directly and indirectly, by Telefonica and 40% by Corporación Multi Inversiones, of the entire share capital of Telefónica Móviles Panamá, S.A. and Telefónica Celular de Nicaragua, S.A. The aggregate amount of the transaction (enterprise value) for all the companies is US$1.65 billion. 

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 Co-Chair Antonio Del Pino, Madrid partner and Latin America Practice Global Co-Chair Juan Picón, Madrid partner José Antonio Sánchez-Dafos, and Madrid counsel Ignacio Domínguez, with associates Alan Rozen, Tessa Bernhardt, and Ori Assa. Madrid partner Jordi Dominguez, with associate Blanca Vázquez de Castro advised on tax matters, and New York partner Jeffrey Tochner, with associate Meredith Ward advised on intellectual property matters. 

Latham & Watkins also represents Telefónica on the sale of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador to América Móvil, S.A.B. of C.V., announced on January 24, 2019. The combined sales of Telefónica Guatemala, El Salvador, Costa Rica, Panama, and Nicaragua complete Telefónica’s sale of all its operations in Central America for an aggregate amount (enterprise value) of US$2.29 billion.


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