Carey counsels LLA on merger with América Móvil
Carey has counselled Liberty Latin America (LLA) on a merger with América Móvil (AMX) to combine their respective Chilean operations, VTR and Claro Chile, through a 50:50 joint venture.
The JV will create synergies estimated at more than US$180 million, 80% of which are expected to be achieved within three years of completion, as well as the development of additional revenue streams associated with cross-selling and scale opportunities.
The transaction, which closed on 6 October, will diversify both companies’ products and create a capital structure for fibre optic network expansion and 5G mobile delivery.
Baker & Botts, Ferrada Nehme, and Fischer y Cía also acted as advisors to LLA, while Cariola Díez Pérez-Cotapos, Freshfields Bruckhaus Deringer, Pellegrini & Rencoret and Philippi Prietocarrizosa Ferrero DU & Uría acted as advisors to AMX.
The advice involved the coordination of the parties involved to achieve closing in record time, taking into account the conditions imposed by the FNE to approve the transaction, including the transfer of Claro’s DTH satellite TV business to a fiduciary agent prior to closing.
VTR is a leading provider of high-speed fixed consumer products, such as broadband and cable TV, with approximately three million customers nationwide, and Claro Chile is a leading provider of telecommunications services, with more than 6.5 million mobile customers.
In-house counsels involved in this transaction were John Winter and Bill Brierly for LLA, Alejandro Cantú Jiménez for América Móvil, Cristián Salgado for Claro Chile, and Miguel Oyonarte VTR.
Baker Botts’ team comprised partners Jonathan Gordon, James Marshall and associates David Adler, Grace Matthews, Jaime Yarbrough and Carlos Márquez.
Cariola Díez Pérez Cotapos was led by partners Juan Pablo Matus and Tomás Vidal and associates Jose Tomás Espinosa, Josefa Alvarez and Sergio Balharry.
Pellegrini & Rencoret’s team included partner Pedro Rencoret and associate Catalina Sierpe.
FerradaNehme’s team comprised partners Nicole Nehme, Benjamín Mordoj, of counsel Sebastián Dufeu and director Sebastián Morales.
Freshfields Bruckhaus Deringer’s team included counsel Enrique Dancausa, and associates Victor Ma and Borja Coz.
PPU’s team was represented by senior associate Ariel Castillo.
Carey’s team was led by partners Pablo Iacobelli (pictured), Patricia Silberman and Jaime Carey A., with support from associates Francisca Castillo, Nicolás Fontaine and Nicolás Marín.
