Sold for $ 200 million!  Claro goes to Cable & Wireless

Liberty Latin America LTD, through its subsidiary Cable & Wireless Panamá SA., reported this Wednesday that bought 100% of the shares of América Móvil SAB CV in Panama (Claro Panama), for 200 million dollars.

The president of the Junta Directiva de Cable & Wireless (C&W), Julio Spiegel, He said that the acquisition was unanimously approved by the board of directors, and that it will allow this Panamanian joint venture to “consolidate the mobile market” in the country.

“Once (the transaction) is closed we will be making investments that exceed 500 million dollars, to ensure that these two networks that are going to be united will provide a better service, better experience, better speed, “he said.

A statement from América Móvil, SAB de CV also indicated that ehe agreement entered into with Cable & Wireless Panamá SA for the sale of 100% of its subsidiary Claro Panamá SA “It excludes (i) the telecommunications towers that are indirectly owned by AMX in Panama, and (ii) the Claro brands.”

The agreed sale price is $ 200 million, adjusted for net debt at the closing date of the transaction (cash / debt free basis). The closing of the transaction is subject to certain usual conditions for this type of operation, including obtaining regulatory authorizations. The parties expect the closing of the transaction to occur during the first half of 2022, “the corporate statement added.

Claro operates in Panama since the end of 2008, and in fiscal year 2020 it had revenues of 157 million dollars

Cable & Wireless Panama is a mixed company (the State has 49% shareholding and workers 2%), whose contributions to the Panamanian economy “very soon will exceed 9,000 million dollars,” said the president of the Board of Directors.

Of those 9,000 million dollars, “1,000 million are exclusively in dividends that we have paid to the State or to our collaborators,” added Spiegel.

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