Liberty Latin America (LLA) has announced that it has received authorisation from Costa Rican President, Carlos Alvarado Quesada, for its all-cash USD500 million acquisition of Telefonica Costa Rica (Movistar). Previously, in June this year, the Superintendency of Telecommunications (Superintendencia de Telecomunicaciones, Sutel) approved the deal, after determining no evidence the transaction would produce any anti-competitive effects. Movistar will be sold to LLA’s 80%-owned Cabletica ISP unit.
Going forward, the takeover is expected to close by mid-August, with the two parties stating: ‘Telefonica 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.’