UPDATE 1-America Movil to sell Panama unit for $200 mln to Cable & Wireless Panama
(Adds comments from companies)
MEXICO CITY, Sept 15 (Reuters) - Mexican telecoms giant America Movil, controlled by the family of billionaire Carlos Slim, said on Wednesday it has agreed with Cable & Wireless Panama, a unit of Liberty Latin America LTD., to sell 100% of its Claro Panama unit for $200 million.
The transaction excludes the telecommunications towers indirectly owned by America Movil in Panama, and the Claro brands, America Movil said in a statement.
"The all-cash transaction values Claro Panama at an enterprise value of $200 million on a cash-and-debt-free basis," said Liberty Latin America in a separate statement.
Liberty Latin America said the acquisition, including fees and expenses, is intended to be financed using cash and incremental borrowings at Cable & Wireless Panama.
Completion of the transaction is expected to close in the first half of 2022, the firms said. (Reporting by Raul Cortes Fernandez; Writing by Anthony Esposito; Editing by Andrea Ricci)
