LIBERTY LATIN AMERICA COMPLETES ACQUISITION OF ECHOSTAR’S MOBILE SPECTRUM AND PRE-PAID SUBSCRIBERS IN PUERTO RICO AND THE USVI
September 04 2024 - 8:00AM
Business Wire
Liberty Latin America Ltd. (“Liberty Latin America” or the
“Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) announced
today that it has closed the transaction to acquire EchoStar’s
(SATS) spectrum assets in Puerto Rico and the USVI as well as
approximately 85,000 pre-paid mobile subscribers. This follows a
review by the United States Department of Justice Antitrust
Division and the approval by the Federal Communications Commission,
which noted in its approval on August 9, 2024, that public interest
benefits are likely to be realized as a result of the transaction,
such as enhanced competition in Puerto Rico and the USVI.
The aggregate asset purchase price of $255 million will be paid
in four annual installments commencing on the closing date, with
the first installment of $95 million having been paid today.
Liberty Latin America expects to fund the transaction through local
liquidity sources, including cash on hand, cash generated from
operations, and/or revolving credit facilities.
Commenting on the acquisition, Balan Nair, President and CEO of
Liberty Latin America, said, “Our strong commitment to Puerto Rico
and the USVI is reflected in this deal. By acquiring over 100 MHz
of spectrum, approximately 85,000 pre-paid subscribers, and an
extensive distribution network we have a tremendous opportunity to
leverage our full-service products to drive fixed-mobile
convergence penetration from current levels of around 25%. As we
ramp up our commercial efforts, there is significant room for
growth, and these assets will enable us to add more capacity,
increase speeds, further strengthen our 5G mobile network, and grow
our scale in the prepaid market.”
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 BTC, Flow, Liberty and Más
Móvil, and through ClaroVTR, our joint venture in Chile. 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
approximately 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.
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Investor Relations: Kunal Patel: ir@lla.com
Media Relations: Kim Larson:
llacommunications@lla.com
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