Transaction by Madrid-based Telefonica is a landmark deal in Latin America in 2019.

Telefonica's subsidiary Telefonica Centroamerica Inversiones, S.L., 60% of which is owned, directly and indirectly, by Telefonica and 40% by Corporacion Multi Inversiones, has announced that it has reached an agreement with America Movil, S.A.B. of C.V. for the sale of the entire share capital of Telefonica Moviles Guatemala, S.A. ("Telefonica Guatemala") and 99.3% of Telefonica Moviles El Salvador ("Telefonica El Salvador"). The aggregate amount of the transaction (enterprise value) for both companies is US$648 million. The closing of the sale of Telefonica Guatemala is completed and the closing of the sale of Telefonica El Salvador is subject to the applicable regulatory conditions.

Latham & Watkins LLP represents Telefonica in the transaction with a cross-border deal team led by New York partner and Latin America Practice Global Co-Chair Antonio Del Pino, Madrid partner and Latin America Practice Global Co-Chair Juan Picon, and Madrid partner Jose Antonio Sanchez-Dafos, with Madrid counsels Ignacio Dominguez and Ana Gonzalez-Linares, San Francisco associate Tessa Bernhardt, Madrid associate Ori Assa, New York associate Angel Marcial, and international visiting associates Francisco Lanusse and Lorenza Molina Sanchez. Advice was also provided on tax matters by Madrid partner Jordi Dominguez, with associate Blanca Vazquez de Castro, and on intellectual property matters by New York partner Jeffrey Tochner, with associates Meredith Ward and Mathilda Persson.