América Móvil S.A.B. de C.V. ("América Móvil" or "AMX") (BMV:AMX, NYSE:AMX) and Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ:LILA, OTC Link: LILAB))) announce that, subject to obtaining the required approval from the National Economic Prosecutor's Office of the Republic of Chile (Fiscalía Nacional Económica), América Móvil will be consolidating ClaroVTR into its ongoing operations. As previously disclosed, AMX has been providing funding to ClaroVTR through convertible notes to support the execution of its business plan and for the refinancing of certain bank debt existing at the formation of the JV and Liberty Latin America had the right to catch-up its respective portion of such funding commitments by the middle of this year for ClaroVTR to continue as a 50:50 joint venture.
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On June 23, 2024, Liberty Latin America informed AMX it would not be exercising such right. As a result, AMX will convert its outstanding notes held in ClaroVTR into equity resulting (subject to adjustments at closing) in a controlling interest of approximately 91%. LLA will continue to own approximately 9% of the equity of ClaroVTR (subject to final adjustments at closing). The shareholders agreement to be effective upon the conversion of the notes at closing will reflect a governance according to such equity interests. Closing of the conversion is expected during 3Q2024.