Liberty Latin America, the parent company for telecommunications brand FLOW, expects to wrap its acquisition of AT&T’s wireless and wireline operations in Puerto Rico and the US Virgin Islands by October 31, 2020.
The revelation comes as Liberty announced obtained approval from the US Department of Justice (DOJ) to proceed with the purchase of the assets.
“The DOJ has cleared the transaction subject to the terms of the consent judgment, which includes a requirement that Liberty Latin America divest certain B2B (business-to-business) operations that are part of their operations in Puerto Rico. Liberty Latin America expects a preliminary court order in the next few days permitting them to close on their transaction with AT&T,” a release from the company stated.
So far, Liberty has revealed that it has begun the process of divesting part of its B2B operations in the Spanish-speaking territory.
The telecoms provider had disclosed its intentions of purchasing AT&T’s wireless and wireline operations in Puerto and US Virgin Islands last year, in October, for a sum of US$1.95 billion. Since then, Liberty has raised US$90 million in capital from a 6.75 per cent Senior Secured Notes due 2027 to finance the takeover.
Following the closure of the transaction, AT&T will retain its relationships with FirstNET and DIRECTV. However, Liberty will support AT&T’s FirstNet build in the territories.
At present, Liberty Latin America operates in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica. It also perates a sub-sea and terrestrial fibre optic cable network that connects over 40 markets in the region.