América Móvil Acquires Controlling Interest in ClaroVTR

América Móvil, a telecommunications company, has announced its acquisition of a controlling interest in ClaroVTR, subject to approval from the National Economic Prosecutor's Office of the Republic of Chile. As a result, América Móvil will convert its outstanding notes in ClaroVTR into equity, giving it a controlling interest of approximately 91%, with Liberty Latin America retaining approximately 9% equity.

This development reflects a significant shift in ownership and control of ClaroVTR, with América Móvil taking a leading role in the business. The transaction is expected to close during the third quarter of 2024.

Daniel Hajj, CEO of América Móvil, expressed excitement about the prospects of ClaroVTR, emphasizing the strong partnership with Liberty Latin America in establishing a converged connectivity provider. Meanwhile, Balan Nair, CEO of Liberty Latin America, expressed confidence in the decision, stating that it is in the best interests of Liberty Latin America's shareholders.

The acquisition marks a strategic move for América Móvil and signifies a new phase for ClaroVTR, with the company expressing optimism about the future of the business. As a result of these announcements, the company's shares have moved 0.2% on the market, and are now trading at a price of $9.02. For more information, read the company's full 8-K submission here.

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