BLP advises Millicom on purchase of Telefónica assets

BLP has advised telecommunications giant Millicom, which operates under the Tigo trademark in Central America, on its acquisition of Telefónica’s subsidiaries in Costa Rica, Nicaragua and Panama.

Together with Davis Polk Wardwell LLP, BLP advised its client throughout the acquisition process, from the due diligence study and the regulatory analysis of the transaction to the negotiation of the acquisition documents. 



The transaction is valued at $1.65 billion, with $570 million of the proceeds going to Telefónica Costa Rica.
 
The deal included several levels of complexity due to the nature of the industry and the fact that it was a cross-border acquisition, the law firm said. 



The BLP team was led by partners Luis M. Castro and Adriana Castro, and also comprised lawyers Julio Castellanos, Bernardo van der Laat, Elia Naranjo, Fernando Shum, Alexandra Aguilar, Arturo Rojas, Carlos Garcia, Leon Weinstok, Sergio Segura and Ana Rodríguez.
 
With this transaction, Millicom consolidates its leadership in the Central American telecommunications market, and will now have both cable and mobile telephony in all the Latin American countries in which it operates.