April 3, 2006
América Móvil enters agreement with Verizon Communications Inc. to acquire Verizon’s 52% interest in Telecomunicaciones de Puerto Rico Inc. for $939 million.
On April 3, it was announced that Willkie client América Móvil entered into an agreement with Verizon Communications Inc. to acquire Verizon’s 52% interest in Telecomunicaciones de Puerto Rico Inc. (PRT) for $939 million. PRT is the largest telecommunications service provider in Puerto Rico with over 1.11 million wireline subscribers and 485 thousand wireless subscribers. América Móvil has agreed with Verizon to extend an offer to all other PRT shareholders to purchase their shares at the same price per share paid to Verizon. América Móvil, which is majority owned by Carlos Slim Helú, is the leading wireless provider in Latin America, with over 93.3 million wireless subscribers and approximately 2 million wireline subscribers. This transaction was handled by Willkie partners David Boston and William Gump, and associate Russell Leaf.
