25 January 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.