Benzinga | Oct 23, 2020 03:48PM EDT

Liberty Latin America Reports Consent Judgement With Dept. Of Justice Related To Purchase of AT&T's Wireless, Wireline Operations In Puerto Rico, US Virgin Islands

Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ:LILA, OTC Link: LILAB))) confirms that the company has entered into a consent judgment with the U.S. Department of Justice (DOJ) regarding the previously announced acquisition of AT&T's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands. The DOJ has cleared the transaction subject to the terms of the consent judgment, which includes a requirement that Liberty Latin America divest certain B2B operations that are part of their operations in Puerto Rico. Liberty Latin America expects a preliminary court order in the next few days permitting them to close on their transaction with AT&T.

To meet the conditions in the consent judgment, Liberty Latin America has entered into an agreement to divest part of its B2B operations in Puerto Rico. This divestiture is expected to close promptly, pending appropriate regulatory approval. This approval process is not expected to affect the closing date for Liberty Latin America's acquisition of the AT&T assets.

Liberty Latin America and AT&T intend to close the transaction on October 31, 2020. Under terms of the agreement, AT&T will retain FirstNet responsibilities and relationships as well as DIRECTV and certain global business customer relationships. The sale does not affect AT&T's FirstNet commitment. AT&T retains its dedicated FirstNet network core and service capabilities. Post-close, Liberty Latin America will support AT&T's FirstNet build in Puerto Rico and the U.S. Virgin Islands.