Completed on Saturday the deal is based on an enterprise value of $1.95 billion on a cash- and debt-free basis.
Balan Nair (pictured), president and CEO of Liberty Latin America, said: “This is a great day for Liberty Latin America, the employees that will be joining us from AT&T, and most importantly the consumers and businesses in Puerto Rico and the US Virgin Islands who will realise the benefits of this transaction.
“By creating the leading integrated provider, we will deliver added value to customers through expanded product offerings, more resilient infrastructure, and world-class customer service levels.”
AT&T agreed in October 2019 to sell its wireline and wireless operations in the US territories for US$1.95 billion and, although scheduled to close this year, the deal has faced some delays.
On 26 October Capacity reported that the US Department of Justice (DoJ) required both companies to offload assets to WorldNet in order for Liberty to proceed with its acquisition in both Puerto Rico and the US Virgin Islands. The move was intended to protect competition in the local market.
Commenting on the completion, Nair added: “By completing this transaction, we continue to demonstrate our ability to execute on our disciplined inorganic growth strategy. We are excited about the opportunities ahead of us and are already working hard on our integration plan to drive value for our customers, our shareholders and our employees.”
