América Móvil and Teléfonos de México in Terminating Telmex’s Reporting Obligations

July 17, 2012

Cleary Gottlieb represented América Móvil and Teléfonos de México in a series of steps that resulted in the termination of Telmex’s reporting obligations in the United States, Canada, Japan and Spain. Most recently, América Móvil conducted successful consent solicitations to eliminate the reporting covenants in all Telmex’s outstanding international public debt. In exchange, América Móvil guaranteed the debt and paid a consent fee to consenting holders. The consent solicitations expired on July 12, and the indenture amendments and payment of the consent fee were completed on July 17. Form 15F was filed with the Securities and Exchange Commission on July 16 to terminate Telmex’s SEC reporting obligations.

Cleary Gottlieb has advised in most of the international transactions of Telmex since the mid-1980s, and of América Móvil since its creation in 2000. The firm advised the Mexican government and Telmex on its 1991 privatization, worked on more than a dozen of the acquisitions that helped build América Móvil’s global operations, and advised on the spin-offs and going-private transactions that resulted in the current corporate structure.