Court accepts Telefónica's demand for damages from Millicom for failed Costa Rica deal
Telefónica achieved a victory in a New York court in its claim for compensation from Millicom for backing out of a deal to acquire its operations in Costa Rica in 2020.
Millicom argued that the conditions to move forward with the US$570mn deal were not met and that the share purchase agreement with the Spanish telco provided for the termination of the acquisition by May 1, 2020.
When Millicom decided to cancel the operation, the transaction had already received approval from regulator Sutel.
Later that year, Telefónica sold its Costa Rican business to Liberty Latin America for US$500mn.
According to the US outlet Law.com, Telefónica was deprived of the use of the full US$623mn final purchase price and was owed about US$140mn.
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News in: ICT (Costa Rica)
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Other projects in: ICT
Get critical information about thousands of ICT projects in Latin America: what stages they're in, capex, related companies, contacts and more.
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- Project: Norte Conectado Program (Infovia 08)
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7 months ago
- Project: Norte Conectado Program (Infovia 06)
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- Project: Norte Conectado Program (Infovia 05)
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- Project: Huechuraba data storage center
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Other companies in: ICT (Costa Rica)
Get critical information about thousands of ICT companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Kölbi
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Kölbi, unit of the state company Instituto Costarricense de Electricidad (ICE) established in 2009, offers services of fixed and mobile communication, messaging, roaming, modem,...
- Company: Accenture Services S.R.L. (Accenture Costa Rica)
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The description included in this profile was taken directly from an AI source and has not been edited or modified by BNamericas researchers. However, it may have been automatica...
- Company: BLP
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BLP is a law firm that has offices in several Central American countries, through which it offers innovative solutions to its clients facing complex legal matters. BLP integrate...
- Company: Superintendencia de Telecomunicaciones de la República de Costa Rica (SUTEL Costa Rica)
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Costa Rica's telecommunications superintendency (Sutel) is the country's telecoms industry regulator. Among its main functions is to ensure the efficiency, equity, sustainabilit...
- Company: Ministerio de Ambiente y Energía de la República de Costa Rica (Minae Costa Rica)
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Costa Rica's environment ministry Minae has the mission to contribute to the improvement of the quality of life of the inhabitants of the country and the promotion of the admini...
- Company: Cámara Costarricense de Tecnologías de Información y Comunicación (Camtic)
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Costa Rica's Camtic is a private non-profit IT and telecoms association with the mission of integrating and aligning ITC sector players in view of advancing the sector's sustain...
- Company: Autoridad Reguladora de los Servicios Públicos (Aresep)
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Costa Rica's utility regulator Aresep has the mission to provide publicly regulated services at optimal access, cost, quality and variety. It envisions itself as a regulatory au...
- Company: INS Valores Puesto de Bolsa, S.A. (INS Valores)
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INS Valores Puesto de Bolsa, S.A. (INS Valores), a branch of Instituto Nacional de Seguros (INS), is a Costa Rican company established in 1997 and headquartered in San José whic...
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