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Friday, August 12, 2022

Liberty Latin America’s C&W cleared to buy Claro Panamá


Liberty Latin America’s C&W cleared to buy Claro Panamá

Some eight months after striking a deal, Liberty Latin America’s Cable & Wireless Panama (+Móvil) received all due clearances to complete its US$200mn acquisition of América Móvil’s Claro Panamá.

The approvals came in a publication of the favorable ruling in the federal gazette by the cabinet council, a body formed by the country’s presidency and cabinet of ministers.

The next step in the process will be the effective closing of the transaction, which is subject to the fulfillment of certain conditions between both parties, C&W said in a statement.

With the acquisition of Claro Panamá, Liberty expects to strengthen its position in the mobile market and compete with Millicom with packaged services.

Also in 2021, Liberty Latin America and América Móvil reached an agreement to merge the fixed operations of VTR and the mobile operations of Claro in Chile. 

“With our acquisition, we moved from a four-player market to a three-player market, and that was necessary for Panama,” Liberty Latin America CEO Balan Nair told a May earnings call.

However, the clearance of the acquisition by Panamanian regulators angered Digicel, the other domestic national player, which later announced its exit from that market. 

Digicel’s operations were taken over by an appointee by public services regulator Asep to guarantee the continuity of service until operations formally cease.

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