BLP has advised Millicom on the purchase of Telefónica’s assets in Costa Rica.

The telecommunications giant, Millicom – which operates under the Tigo trademark in Central America – has acquired all of Telefónica’s subsidiaries in Costa Rica, Nicaragua and Panama.

Together with Davis Polk, BLP advised its client throughout the acquisition process, from the elaboration of the due diligence study and the regulatory analysis of the transaction to the negotiation of the acquisition documents. The transaction totaled $1,650 million, with $570 million of the proceeds going to Telefónica Costa Rica.

This important transaction included several levels of complexity because of the nature of the industry and the complexity of the work involved in carrying out the typical tasks of a cross-border acquisition. The proven talent and experience of the BLP team, led by partners Luis M. Castro and Adriana Castro, and consisting of lawyers Julio Castellanos, Bernardo van der Laat, Elia Naranjo, Fernando Shum, Alexandra Aguilar, Arturo Rojas, Carlos Garcia, Leon Weinstok, Sergio Segura and Ana Rodríguez, secured the successful execution of the transaction, which will close once it is approved by the local authorities.

With this transaction, Millicom consolidates its leadership in the Central American telecommunications market, and will now have both cable and mobile telephony in all Latin American countries in which it operates.

We take this opportunity to congratulate Millicom and say thank you for the trust placed in our firm, enabling us to celebrate at the same time a milestone Firm achievement.