Wednesday, 28 October 2020

Purchase of Movistar (Telefonica) in Costa Rica Approved

The Superintendencia de Telecomunicaciones (Sutel) – Superintendence of Telecommunications – authorized the purchase of Telefonica in Costa Rica (operating under the Movistar brand) by Millicom.

The sale of Telefonica’a shares in Costa Rica to Millicom was announced in February 2019.

For the authorization, the Sutel argued in the resolution that “… There are no indications of the existence of potential anti-competitive effects derived from the acquisition of 100% of the social capital of Telefónica CR by Millicom.”

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The parties are able to proceed with the transfer of shares and contracts of concession of the radio electric spectrum frequencies that must be done before the Ministry of Science and Technology and Telecommunications (Micitt).

The purchase, however, should not represent any disruption or affectation for Telefonica’s current customers.

Spain’s Telefonica began at the beginning of 2019 negotiating the sale of its Central American operations in a move that should allow the company to focus on core regions and reduce its large debt.

Since its announcement, the company was able to sell its units in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama. Buyers include Millicom (operating under the Tigo brand) and Mexico’s America Movil (the Claro brand).

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