Cleary represents América Móvil in reclassification of capital stock
Cleary Gottlieb has represented América Móvil in a reclassification of América Móvil’s existing series of shares (Series AA, Series A and Series L) into a new Series B ordinary shares with full voting rights on a one-for-one basis.
As part of the reclassification, América Móvil’s existing Series A and Series L American Depositary Shares (ADSs) will be cancelled, and the same number of Series B ADSs will be distributed to the corresponding holders of Series A ADSs and Series L ADSs (with each Series B ADS representing twenty Series B Shares).
The reclassification was approved by the shareholders of América Móvil on 20 December 2022. The Series B Shares and the corresponding Series B ADSs began trading simultaneously on the Mexican Stock Exchange and the New York Stock Exchange, respectively, on 16 March 2023.
Citibank acted as depositary in connection with the transaction.
América Móvil is Mexico’s largest publicly traded company and the leading provider of telecommunications services in Latin America.
Cleary’s corporate team consisted of partner Duane McLaughlin (pictured), associates José Andrés de Saro and Alejandro Martínez-Inzunza, and law clerk José Juan Vázquez Orendain. Counsel Matthew Brigham and associate Jesse Hong advised on US tax matters. Senior attorney Elizabeth Chang assisted with the listing of the ADSs on the New York Stock Exchange. All lawyers are based in New York.
