Cable & Wireless Buys Claro in Panama

Cable & Wireless Panamá S.A., a 49%-owned subsidiary of leading communications company Liberty Latin America Ltd, has agreed to acquire the Panama operations of América Móvil S.A.B. de C.V., or “Claro Panamá”.

The transaction, made out in cash, places Claro Panamá at an enterprise value of $200 million on a cash- and debt-free basis.

Claro Panamá generated $157 million of revenue in its most recent fiscal year and had around 760,000 mobile subscribers as of 30 June 2021. Its integration with Cable & Wireless is part of Liberty Latin America’s expansion in Panama, which the company describes as an important digital hub for the region and a source of demand for its mobile and fixed connectivity solutions. The transaction remains subject to regulatory approval and is expected to close in the first half of 2022.

Alemán, Cordero, Galindo & Lee and Baker Botts advised Liberty Latin America Ltd on the transaction. Galindo, Arias & López advised América Móvil.

 

Alemán, Cordero, Galindo & Lee Team

Transactional Team: Alejandro Ferrer, Patricia Cordero, Rita de la Guardia, and Diego Anguizola.

Regulatory Aspects and Anti-Trust: Alejandro Ferrer, Jaime Castillo, and Doris Nieto.

Labour Aspects: Raúl Borrell.

Taxes: Nicole Fernández.

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