Cleary Gottlieb represents América Móvil in its agreement to buy Verizon’s $3.7 billion interest in telecommunications companies in the Dominican Republic, Puerto Rico, and Venezuela. The three sales are subject to regulatory approval.
América Móvil agreed to purchase 100% of the shares of Verizon Dominicana for $2.02 billion. Verizon Dominicana is the largest telecommunications provider in the Dominican Republic with more than 752,000 wireline subscribers and 1.8 million wireless subscribers.
A joint venture between sister companies América Móvil and Telmex agreed to acquire Verizon’s 28.51% equity interest in Compañía Anónima Nacional de Teléfonos de Venezuela for $676.6 million. CANTV is the leading provider of telecommunications services in Venezuela with more than 3.1 million wireline subscribers and more than 5.1 million wireless subscribers. Following the closing, the joint venture will launch tender offers in Venezuela and the United States for the remaining outstanding shares of CANTV. Cleary Gottlieb is advising the joint venture in connection with the tender offers.
América Móvil agreed to acquire 52.01% of the shares of Telecomunicaciones de Puerto Rico for $939 million. TELPRI is the largest telecommunications service provider in Puerto Rico with more than 1.11 million wireline subscribers and 485,000 wireless subscribers. América Móvil has agreed with Verizon to extend an offer to all other TELPRI shareholders to purchase their shares at the same price per share paid to Verizon.
América Móvil is the largest provider of wireless services in Latin America, with more than 93.3 million subscribers as of December 31, 2005. Cleary has advised América Móvil since its 2000 founding on a wide variety of matters, including 14 acquisitions.