Davis Polk is advising Millicom International Cellular S.A. on its $1.65 billion acquisition of the entire share capital of Telefónica Móviles Panamá, S.A., Telefónica de Costa Rica TC, S.A. and Telefonía Celular de Nicaragua, S.A. The transaction is subject to customary closing conditions, including regulatory approval in each market, and closings are expected during the second half of 2019.

Millicom is a telecom and media company dedicated to emerging markets in Latin America and Africa, providing mobile services to more than 57 million customers. Telefónica is the mobile market leader in Panama and Nicaragua and the second-largest mobile provider in Costa Rica, with about 8.7 million total customers.

The Davis Polk corporate team includes partner William H. Aaronson and associate Camila Panama. The intellectual property and technology team includes partner Pritesh P. Shah and associate Tilak Koilvaram. The tax team includes partner William A. Curran and associate Lex L. Varga. The executive compensation team includes partner Veronica M. Wissel. Partner Jesse Solomon is providing antitrust and competition advice. Counsel Jordan Leigh Smith and associate Alicia A. Robinson are providing compliance advice. Members of the Davis Polk team are based in the New York and Washington DC offices.