Liberty Latin America (LLA) has confirmed that it completed the acquisition of Telefonica Costa Rica (Movistar) on 9 August. Balan Nair, President and CEO of LLA, commented: ‘We are excited to welcome Telefonica Costa Rica’s employees and customers to Liberty Latin America. By combining our fixed business, Cabletica, with the mobile network operating under the Movistar brand, we will offer greater value to our customers.’
According to TeleGeography’s GlobalComms Database, the all-cash USD500 million takeover was first announced back in July 2020. The deal came to fruition after Millicom International Cellular (MIC) abandoned its own long-winded takeover attempt. Going forward, Movistar will be owned by LLA’s 80%-backed Cabletica ISP unit.