Liberty Latin America (LLA) announced today, Wednesday, that it has entered into an agreement to acquire AT&T operations in Puerto Rico and the US Virgin Islands for $ 1,950 million.
“Today, our parent company, Liberty Latin America (LLA), announced that it has entered into a definitive agreement to acquire AT&T's wireless and wired operations in Puerto Rico and the US Virgin Islands (USVI). This is exciting news for all our clients, our employees, Puerto Rico and the US Virgin Islands, ”said Naji Khoury, president and chief executive officer of Liberty Puerto Rico.
According to the Wall Street Journal, the purchase will allow AT&T to cut its debt.RELATED
Khoury explained, in addition, that the merger of both companies, will provide more benefits for its customers.
"This combination will provide more benefits to customers of both companies and will help build a more robust infrastructure for Puerto Rico and the US Virgin Islands, with greater resilience and a stronger network," he said in a press release.
The acquisition now has to go through approvals of government regulations, processes that could be completed in the second quarter of 2020.
“This transaction also demonstrates our commitment to Puerto Rico. We take our corporate social responsibility very seriously and we will continue to strengthen our ties with the communities we serve. We are optimistic about the future and we certainly expect you to share our enthusiasm, ”added the chief executive officer.
Under the terms of the agreement, AT&T will support Liberty for 36 months after the acquisition, allowing a transition of services. After the acquisition, AT&T customers will continue with free roaming services between Puerto Rico, the US Virgin Islands, the United States, Canada and Mexico.
"Liberty will continue to provide business services for retained global AT&T customers and support for the AT&T FirstNet program for emergency services in Puerto Rico and USVI," said the businessman.
Currently, AT&T offers telephone and Internet service. Meanwhile, Liberty is the largest provider of pay-TV and broadband in Puerto Rico.