América Móvil completes acquisition of ClaroVTR in Chile

The transaction will give América Móvil a majority stake of 91% in ClaroVTR.

The other shareholder in the Chilean company is Liberty Latin America, which will continue to hold 9% of the capital of the telecommunications company.

“The shareholders agreement, which will be in force as of the conversion of the notes, will reflect corporate governance in accordance with these shareholdings. The parties expect that the closing of the conversion will take place during the third quarter of 2024,” ClaroVTR said in a statement.

Regarding the transaction, América Móvil’s CEO Daniel Hajj said he looked forward to the development of the new business with great interest. “Our partnership with Liberty Latin America contributed to the establishment of a converged connectivity service provider that provides its customers with world-class products and services”, he added.

Liberty Latin America’s general manager Balan Nair said “this step is the correct one for ClaroVTR and in the best interest of the shareholders of Liberty Latin America,” pointing to América Móvil as “an excellent partner, and the ClaroVTR business is led by a great management team”.

The operation, valued at $1.16 billion, is subject to regulatory approval by Chile’s competition watchdog, the economic prosecutor's office.

Chilean law firm Carey acted as local counsel to Liberty Latin America, with a team led by partners Pablo Iacobelli, Patricia Silberman and Jaime Carey A., with associate Nicolás Marín.

Liberty Latin America was also advised by Baker & Botts and Ferrada Nehme.

América Móvil was advised in Chile by law firms Cariola Díez Pérez-Cotapos, Freshfields Bruckhaus Deringer and Pellegrini & Rencoret.

Liberty Latin America’s in-house counsel was John Winter, chief legal officer, while Alejandro Cantú Jiménez, legal director, was América Móvil’s in-house counsel.