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Entel, KKR acquire stake in Telefónica’s fiber optics business in Peru
Entel, KKR and Telefónica have entered into an agreement under which Entel and KKR will acquire a 10% and 54% stake, respectively, in Pangeaco, Telefónica's subsidiary that operates its fiber optic business in Peru.
Entel and Telefónica are two of the largest telecommunications service providers in Peru, and the competitors joined forces to deploy fiber optic infrastructure in several regions of Peru to provide wholesale services (including FTTH wholesale services), together with a significant investment from Kohlberg Kravis Roberts (KKR), through Pangeaco.
Closing of the transaction is subject to the completion of certain conditions, including the corresponding antitrust clearance.
Terms of the transaction include the execution of share subscription agreements by Entel and KKR, services agreement whereby Pangeaco will provide connectivity services to Entel and Telefonica, and the sale of fiber optics from Entel and Telefonica to Pangeaco.
The transaction was particularly complex due to the technical aspects, given the highly regulated environment of the telecommunications companies, as well as the analysis of the required antitrust authorizations, law firm Rebaza, Alcázar & De Las Casas, which acted as counsel to Entel, said.
Rebaza, Alcázar & De Las Casas’ team advising Entel was led by partners Felipe Boisset and Camilo Maruy, with senior Associates Rafael Santín, David Baracco and Pablo León, and associates Fiorella Wismann and María José García.
Entel’s in-house counsel in Peru were Daniel Quiñones, Sebastián Villegas and Fátima Almonacid.
Entel was advised in Chile by Claro & Cía, with a team led by partners Felipe Larraín and Joaquín Rodríguez.
KKR was represented by Simpson Thacher & Bartlett in New York, with a team led by partner Breen Haire and with associates Ana Maria Sanchez, Mark Junzman, Andrew Kingsbury and John Charles
The company was advised in Peru by law firm Rodrigo, Elías & Medrano, with a team led by partner Eduardo López and with associates María Angélica Meneses, Renzo Rossi and Francisco Florindez.
Estudio Echecopar -Member of Baker McKenzie International advised Telefónica Hispanoamérica, S.A. and also Telefónica Group in the sale of certain assets of their FTTH infrastructure to Pangea. The team was led by partners Rafael Picasso and Luis Almendariz and with associates Carla Figallo, Dora Ramos and Crosbby Buleje.
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