Cleary Gottlieb represented longtime client América Móvil S.A.B. de C.V. (América Móvil) in connection with the reclassification of América Móvil’s existing series of shares (Series AA, Series A, and Series L) into a single new Series B of ordinary shares with full voting rights on a one-for-one basis.
As part of the reclassification, América Móvil’s existing Series A and Series L American depositary shares (ADSs) will be cancelled, and the same number of Series B ADSs will be distributed to the applicable holders of Series A ADSs and Series L ADSs (with each Series B ADS representing 20 Series B Shares).
The reclassification was approved by América Móvil’s shareholders on December 20, 2022. The Series B Shares and their corresponding Series B ADSs began trading simultaneously on the Mexican Stock Exchange (Bolsa Mexicana de Valores) and the New York Stock Exchange, respectively, on March 16, 2023.
Citibank N.A. acted as depositary in connection with the transaction.
América Móvil is Mexico’s largest publicly traded company and the leading telecommunications services provider in Latin America. Cleary has advised América Móvil since 2000 on a wide variety of matters, including a substantial number of acquisitions and securities offerings.