América Móvil, S.A.B. de C.V. (AMOV)

DENVER, USA and MEXICO CITY, Mexico--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) and América Móvil S.A.B. de C.V. (“América Móvil” or “AMX”) (BMV: AMX, NYSE: AMX and AMOV) confirm that the Chilean National Economic Prosecutor’s Office (FNE) has approved the announced agreement to combine their respective Chilean operations, VTR and Claro Chile, to form a 50:50 joint venture (the “JV”). The operators have met all contractual obligations and have completed the transaction. ClaroVTR will be led by newly-appointed Chief Executive Officer, Alfredo Parot. Parot recently joined Claro Chile as General Manager and, prior to that, spent 16 years at Entel Chile in a variety of senior commercial, operational, and technology roles. Balan Nair, CEO of Liberty Latin America, and Daniel Hajj, CEO of América Móvil, commented: “This is an important moment that will transform the telecommunications industry in Chile as we are now cleared to accelerate the country’s digital and connectivity goals for Chileans. The combination of VTR and Claro will create a new company that will generate greater benefits for both consumers and businesses and will further stimulate economic and social development by increasing access and coverage to more people in more places across the country.” About Liberty Latin America Visit: www.lla.com About América Móvil Visit: www.americamovil.com Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the benefits of the transaction, the expected impact of the transaction, and other information and statements that are not historical facts. 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, but are not limited to, events that are outside of the control of the parties, such as natural disasters and pandemics (including COVID-19), the parties’ ability to continue financial and operational performance at historic levels, continued use by subscribers of their services, their ability to achieve expected operational efficiencies, synergies and economies of scale, as well as other factors detailed from time to time in their respective filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Both parties expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

DENVER, Colorado and MEXICO CITY, Mexico--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) and América Móvil S.A.B. de C.V. (“América Móvil” or “AMX”) (BMV: AMX, NYSE: AMX and AMOV) announced an agreement to combine their respective Chilean operations, VTR and Claro Chile, to form a 50:50 joint venture (the “JV”). Strategic Rationale & Value Creation The proposed transaction combines the complementary operations of VTR, a leading provider of high-speed consumer fixed products, such as broadband and Pay TV services, where it connects close to 3 million subscribers nationwide, and Claro Chile, one of Chile’s leading telecommunications service providers with over 6.5 million mobile customers, to create a business with greater scale, product diversification, and a capital structure that will enable significant investment for fixed fiber footprint expansion and to be at the forefront of 5G mobile delivery. By 2025, the JV anticipates passing 6 million homes through its fixed network and the majority will have access to FTTH infrastructure. The parties expect the JV will generate significant operating benefits and associated value creation, with estimated run-rate synergies of over $180 million, 80% of which are expected to be achieved within three years post completion. Most of these benefits relate to cost savings, driven by network and operating efficiencies resulting from the combination. In addition, parties expect the JV to develop additional revenue streams through cross-selling opportunities and scale. LLA and AMX bring significant experience in the integration and execution of identified synergies in the context of in-country consolidations and convergence transactions in the region. Transaction Structure & Governance Each of LLA and AMX made a commitment to contribute businesses with net debt of CLP 1,095 billion ($1.5 billion) and CLP 259 billion ($0.4 billion), respectively. In addition, LLA will make a balancing payment to AMX of CLP 73 billion ($0.1 billion). Neither LLA nor AMX will consolidate the JV after the closing. The formation of the JV will not result in a change of control event for existing debtholders of VTR. The JV, as a whole, through organic growth and synergy realization will target a long-term net leverage ratio of 2.8x to 3.5x EBITDA. Executive leadership of the JV will be agreed prior to the closing. The board will consist of eight persons, with four representatives from each of LLA and AMX. The role of Chairperson will rotate between the shareholders. Certain actions of the JV will be subject to the consent of both parties. The transaction excludes all telecommunication towers owned indirectly by AMX in Chile. Conditions to Completion and Indicative Timetable Completion of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2022. The transaction is not subject to LLA or AMX shareholder approvals. Claro Chile owns a DTH business which VTR would be unable to operate according to restrictions imposed by the Chilean Antitrust Courts, following its acquisition of Metrópolis in 2005. If these restrictions remain in place at the time of completion, both parties have agreed to take every necessary step to comply with such restrictions. About Liberty Latin America Visit: www.lla.com About América Móvil Visit: www.americamovil.com Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the timing and benefits of the transaction, including synergy benefits; the expected impact of the transaction and expansion targets, and other information and statements that are not historical fact. 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, but are not limited to, events that are outside of the control of the parties, such as natural disasters and pandemics (including COVID-19), their ability to obtain regulatory consents for the transaction as well as other conditions to closing; the parties’ ability to continue financial and operational performance at historic levels, continued use by subscribers of their services, their ability to achieve expected operational efficiencies, synergies and economies of scale, as well as other factors detailed from time to time in their respective filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Both parties expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

The following slide deck was published by América Móvil, S.A.B. de C.V.

América Móvil, S.A.B. de C.V.

Q1 2020 Coca-Cola Femsa SAB de CV Earnings Call

Q1 2020 Vista Oil & Gas SAB de CV Earnings Call

Q1 2020 Grupo Aeromexico SAB de CV Earnings Call

Bank of America Corp DE increased its position in shares of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 516.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,222 shares of the company’s stock after buying an additional 22,804 shares during the […]

Macquarie Group Ltd. cut its stake in shares of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 1.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,221,309 shares of the company’s stock after selling 28,608 shares during the quarter. Macquarie Group Ltd. owned 1.06% […]

Goldman Sachs Group Inc. lifted its stake in Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 20.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,849 shares of the company’s stock after purchasing an additional 6,469 shares during the quarter. Goldman Sachs Group Inc.’s […]

UBS Group AG lifted its stake in shares of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 7.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,543 shares of the company’s stock after purchasing an additional 1,908 shares during the quarter. UBS […]

Bank of New York Mellon Corp raised its position in shares of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 13.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,031 shares of the company’s stock after acquiring an additional 20,187 shares during […]

The world's richest billionaires aren't as rich as they used to be because of the coronavirus pandemic. But they're still pretty rich.

Guggenheim Capital LLC trimmed its stake in shares of Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 19.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 8,793 shares of the company’s stock after selling 2,176 shares during the quarter. Guggenheim Capital LLC’s holdings in Coca-Cola FEMSA were worth $533,000 at the end of the […]

AQR Capital Management LLC grew its stake in Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) by 13.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,646 shares of the company’s stock after purchasing an additional 5,528 shares during the quarter. AQR Capital […]

The Zacks Analyst Blog Highlights: America Movil, eBay and Cardinal Health