Liberty Latin America Ltd. (“Liberty Latin America” or the “Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) has entered into a definitive agreement with DISH Network (“DISH”) to acquire DISH spectrum assets in Puerto Rico and the United States Virgin Islands (USVI) and approximately 120,000 prepaid mobile subscribers in those markets in exchange for cash and international roaming credits.
Vivek Khemka, Senior Vice President, Liberty Latin America, commented, “This transaction reinforces our commitment to Puerto Rico and the United States Virgin Islands (USVI) and showcases our intention to optimize service for our mobile customers. Upon completion of the spectrum acquisition, we will have valuable low, mid, and high band spectrum that will allow us to add more capacity, increase speeds, and further strengthen our leading 5G mobile network. We are also pleased to bring approximately 120,000 wireless subscribers to our business, which will increase our scale in the prepaid market and expand our sales channels.”
Tom Cullen, EVP of Corporate Development, DISH Network, said, “This transaction will enhance competition within the wireless market in Puerto Rico and the USVI, while providing DISH with additional capital to focus on our wireless business in the United States.”
The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close next year. The aggregate asset purchase price of $256 million will be paid in four annual instalments commencing on the closing date. Liberty Latin America expects to fund the transaction through local liquidity sources, including cash on hand, cash generated from operations, cash generated from asset sales, and/or revolving credit facilities.
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