America Movil, Telefonica Explore Joint Bid for WOM Assets
By Anthony Harrup
MEXICO CITY--Mexican telecommunications company America Movil and Spain's Telefonica signed a non-binding agreement to explore a possible joint participation in the sale of assets of Chilean telecommunications operator WOM, which is in Chapter 11 restructuring.
The two companies, which compete across Latin America, said in a release Monday they may decide to make an offer for assets of WOM and its Chilean affiliates in accordance with the Chapter 11 process. An eventual transaction could have "potential benefits for its customers and Chilean consumers in general," they said.
WOM, which is owned by private equity fund Novator Partners, filed for Chapter 11 in a Delaware bankruptcy court in April.
In 2022, America Movil, Telefonica and Telecom Italia bought mobile assets of Brazil's bankrupt Oi Group after making a joint bid.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
September 03, 2024 08:43 ET (12:43 GMT)
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