Latham & Watkins Advises Telefónica on Sale of Telefónica Guatemala and El Salvador

Transaction by Madrid-based Telefónica is a landmark deal in Latin America in 2019.

January 25, 2019

Telefónica's subsidiary Telefonica Centroamérica Inversiones, S.L., 60% of which is owned, directly and indirectly, by Telefonica and 40% by Corporación Multi Inversiones, has announced that it has reached an agreement with América Móvil, S.A.B. of C.V. for the sale of the entire share capital of Telefónica Móviles Guatemala, S.A. (“Telefónica Guatemala”) and 99.3% of Telefónica Móviles El Salvador (“Telefónica El Salvador”). The aggregate amount of the transaction (enterprise value) for both companies is US$648 million. The closing of the sale of Telefónica Guatemala is completed and the closing of the sale of Telefónica El Salvador is subject to the applicable regulatory conditions. 

Latham & Watkins LLP represents Telefónica in the transaction with a cross-border 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, and Madrid partner Jose Antonio Sánchez-Dafos, with Madrid counsels Ignacio Domínguez and Ana González-Linares, San Francisco associate Tessa Bernhardt, Madrid associate Ori Assa, New York associate Angel Marcial, and international visiting associates Francisco Lanusse and Lorenza Molina Sanchez. Advice was also provided on tax matters by Madrid partner Jordi Domínguez, with associate Blanca Vázquez de Castro, and on intellectual property matters by New York partner Jeffrey Tochner, with associates Meredith Ward and Mathilda Persson.

Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.