Liberty Latin America Receives Authorization From the President of Costa Rica to Acquire Telefonica’s Costa Rican Operations

Rhea-AI Summary

Liberty Latin America has received approval from the Costa Rican government to acquire Telefónica's operations in Costa Rica through its subsidiary, Cabletica. The Superintendent of Telecommunications (Sutel) confirmed no anti-competitive effects from the transaction, allowing it to proceed without conditions. This acquisition aims to merge Cabletica with Movistar in Costa Rica, enhancing service offerings in the region. The transaction is expected to close shortly.

Positive

• Acquisition approval allows Liberty Latin America to expand its market presence in Costa Rica.
• Combining Cabletica and Movistar is likely to improve service offerings and operational efficiency.

Negative

• None.

Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) and Telefónica S.A. (“Telefónica”) in Costa Rica (“Telefónica Costa Rica”), announced today that the companies have received authorization from the Costa Rican President, Carlos Alvarado Quesada, for the sale of Telefónica’s operations in Costa Rica to Liberty Latin America’s 80% subsidiary, Cabletica. The Superintendent of Telecommunications (Sutel) also determined there was no evidence the transaction would produce any anti-competitive effects and approved the transaction without conditions.

Telefónica and Liberty Latin America are excited to complete the transaction and to combine Cabletica and Movistar in Costa Rica. The companies intend to close the transaction shortly.

ABOUT LIBERTY LATIN AMERICA

Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 40 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).

For more information, please visit www.lla.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210802005411/en/

FAQ

What is the significance of Liberty Latin America acquiring Telefónica's operations in Costa Rica?

The acquisition enhances Liberty Latin America's market presence and service capabilities in Costa Rica.

When will the acquisition of Telefónica's Costa Rican operations by Liberty Latin America close?

The companies intend to close the transaction shortly.

What are the expected benefits of merging Cabletica and Movistar?

The merger is expected to improve service offerings and operational efficiency in the region.

Did the acquisition face any regulatory hurdles?

No, the Costa Rican government and the Superintendent of Telecommunications approved the transaction without conditions.

What is Liberty Latin America's business focus in the region?

Liberty Latin America offers communications and entertainment services, including digital video, broadband internet, telephony, and mobile services across Latin America and the Caribbean.