América Móvil, Liberty Latin America agree on US$1bn ClaroVTR capitalization
América Móvil (AMX) and Liberty Latin America (LLA) agreed to capitalize their joint venture ClaroVTR for 972bn Chilean pesos (US$1.1bn).
The additional capital required by the company will be provided through June 30, 2024 to support its business plan and permit the refinancing of certain bank debt guaranteed by AMX for the formation of the JV, LLA stated in a securities filing.
The agreement, which is part of the acquisition by América Móvil of convertible notes from ClaroVTR for an aggregate principal amount of 721bn pesos, includes a deadline of August 1 to remain a 50-50 JV.
According to previous statements by ClaroVTR, it plans to invest US$400mn to improve and expand its fixed and mobile networks. Around US$200mn will go on infrastructure and US$45mn on backup nodes and hybrid fiber coaxial cables, as well as migration to a 100% fiber network.
The JV currently has a fiber optic network of 4.3mn homes passed in Chile.
According to its latest information, ClaroVTR has 1mn broadband internet customers, 883,300 video subscribers and 431,100 landline subscribers. It also has 380,200 clients in the mobile segment.
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