Mexico's America Movil acquires dominant interest in ClaroVTR (updated)
24/06/2024 16:19
(Adds more information about stakes, convertible notes,
background)
June 24 (Reuters) -
Mexico's America Movil, controlled by the family of
billionaire Carlos Slim, acquired a dominant stake in cable and
mobile phone operator ClaroVTR, which had been shared equally
with Liberty Latin America (LLA), America Movil and LLA said on
Monday.
The Mexican telecommunications giant will transform the
convertible notes it holds in ClaroVTR into shares to obtain a
controlling interest of around 91%. The remaining 9% will be in
the hands of LLA, the joint statement said.
LLA had an option to continue funding ClaroVTR, together
with America Movil AMXB.MX , so it would remain a joint
venture, but opted not to exercise that right, according to the
companies.
The conversion is expected to close in the third quarter
of this year.
In September 2021, Claro, a subsidiary of America Movil,
and VTR announced the merger of their operations, focused mainly
on Peru, Chile and Colombia.
(Reporting by Bangalore Newsroom and Mexico City Newsroom;
Editing by David Alire Garcia)
((Reuters.Briefs@thomsonreuters.com;))