DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or the “Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced that Liberty Latin America and its partners in Peru have entered into an agreement to sell their respective stakes in WOW Tel S.A.C. (“WOW”) to America Movil Peru S.A.C, a subsidiary of America Movil.
WOW operates primarily as a fixed broadband internet service provider in Peru. Liberty Latin America acquired a minority stake in the business in 2021 and has made additional investments over the intervening period. The business is accounted for as an equity method investment.
The agreement reflects Liberty Latin America’s continued focus on rationalizing its operating portfolio and optimizing capital allocation.
The completion of the transaction is subject to certain closing conditions, including regulatory approval by Peru’s National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the sale of the Company and its partner’s respective stakes in WOW Tel S.A.C., the Company’s strategies, priorities and objectives, and financial and operational performance. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include regulatory matters affecting the businesses, continued access to capital on terms acceptable to Liberty Latin America, the ability to obtain regulatory approvals and satisfy the other conditions to closing with respect to the proposed sale of the Company and its partner’s respective stakes in WOW Tel S.A.C., changes in law and government regulations, the availability of investment opportunities and general market conditions, and other factors detailed from time to time in filings with the Securities and Exchange Commission, including the most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
ABOUT LIBERTY LATIN AMERICA
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty, and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony, and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). Liberty Latin America also has a class of preferred shares, which is traded on the NASDAQ Global Select Market under the symbol “LILAP”.
For more information, please visit www.lla.com.
Contacts
Investor Relations:
Soomit Datta ir@lla.com
Corporate Communications:
Michael Coakley llacommunications@lla.com
