Liberty Latin America today announced it has entered into a definitive agreement to acquire AT&T’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands. In the all-cash transaction, the Acquisition Assets are valued at an enterprise value of USD 1.95 billion.
Balan Nair, President and CEO of Liberty Latin America, commented: “This strategic and complementary acquisition is an exciting and unique opportunity to expand our business in one of our best markets. The combination of AT&T’s leading mobile businesses with Liberty Puerto Rico’s leading high-speed broadband and TV business will create a strong and competitive integrated communications player, with a combined annual revenue of over USD 1.2 billion in Puerto Rico and USD 4.6 billion across LLA. By continuing to invest in digital infrastructure, innovation, 5G networks and a friendly customer service experience, we are confident that this new combination will support our long-term growth’.
‘I’m proud of what our team has built in this region. We look forward to joining Liberty Latin America to continue to deliver a superior experience for our valued customers here. And our committed and talented team will bring a wealth of experience to Liberty Latin America and continue to build on our success in Puerto Rico and the U.S. Virgin Islands’, said Jose J. Davila, VP & General Manager for AT&T in Puerto Rico and the U.S. Virgin Islands.
The acquisition assets provide consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands, excluding DirecTV customers. In Puerto Rico, which represents approximately 90% of the revenue of the assets to be acquired, AT&T’s business is the leading provider of mobile services with the fastest network and a strong spectrum position, in addition to a well invested fiber backhaul network. Under the terms of the agreement, AT&T will support LLA for a period up to 36 months following the acquisition enabling the efficient transition of services.