Telefonica Moviles closed acquisition of BellSouth?s mobile operator in Peru

Telefonica Moviles, mobile telephony subsidiary of Grupo Telefonica, closed on October 28 the acquisition of BellSouth?s interest in BellSouth Peru, the second largest mobile operator in Peru. Simultaneously, Telefonica Moviles closed the acquisition of the interests of BellSouth in its mobile operators in Colombia, Nicaragua, Uruguay and Venezuela for a total company value of US$2.665 billion.

Previously, on October 14 Telefonica Moviles had acquired 100% of the mobile operators of BellSouth in Ecuador, Guatemala and Panama for a total company value of US$1.665 billion.

These acquisitions are part of the global agreement reached by Grupo Telefonica, through Telefonica Moviles, to acquire the interests of BellSouth in mobile operators in ten Latin American countries for a maximum amount of US$5.850 billion. The closing of the acquisition of BellSouth?s interests in the mobile operators in Argentina and Chile is pending awaiting appropriate regulatory approvals. The global agreement makes Telefonica Moviles the second largest mobile telephony company in the world and the largest in Latin America.

Paul Castritius of Rodrigo, Elias & Medrano Abogados commented: ?Through these acquisitions, Telefonica Moviles, which already had a solid position in Brazil and Mexico, two of the most important regional markets, consolidates its leading presence in key countries like Peru where it already participated, acquires a significant position in strong-growth markets where it had no presence, like Colombia, Uruguay and Venezuela, and achieves a critical mass in Central America. There is no doubt that these acquisitions strengthen Telefonica Moviles? chance to capture the important growth potential offered by the region.?

Telefonica Moviles took counsel in Peru from Rodrigo, Elias & Medrano Abogados, through attorneys Juan del Busto, Gino Sangalli R., Maria Teresa Quiñones, Paul Castritius and Liliana Mavila in M&A matters and Maria del Rosario Quiroga in regulatory matters. In-house counsel in Spain Juan Ramon Balcells, Miguel Garrido, Iñigo Novoa and Aurea Bartolome also advised Telefonica Moviles. Winston & Strawn LLP was Telefonica Moviles? counsel in New York.

Barrios Fuentes Urquiaga - Abogados advised Bellsouth Peru in regulatory aspects.

BellSouth took counsel in Peru from Estudio Olaechea, through María Eugenia Yabar, Úrsula Afan, Jesús Matos, Carlo Viacava, Cecilia Delgado and Gustavo Lazo. In-house counsel in the United States Trish Marcucci and in-house counsel in Peru Madeleine Osterling and Roger Angeles also advised BellSouth. Mayer, Brown, Rowe & Maw LLP was BellSouth?s counsel in New York.