América Móvil, through one of its subsidiaries, and Telefónica (TEF) have entered into a non-binding agreement to jointly explore their potential participation in the sale of the assets of WOM SA and its affiliates in the context of its Chapter 11 reorganization process pending before the United States Bankruptcy Court for the District of Delaware.
The parties may decide at any time not to submit an offer, and if they do so, any offer and potential transaction will be subject to the bidding procedures and regulatory rules and authorizations required under WOM SA’s reorganization procedure and under applicable sector and competition rules, including prior authorization from the Chilean National Economic Prosecutor’s Office.
The interest of both companies in jointly exploring their potential participation in the sale process of the assets of WOM SA and its affiliates in Chile lies in the potential benefits that the transaction could generate for their clients and Chilean consumers in general. The sustainability of the telecommunications sector would be reinforced by increasing the capacity to continue investing and competing in high-speed and coverage networks, which are key to the digitalization of the country.
Daniel Hajj, CEO of América Móvil
This potential transaction aligns with our goal of ensuring the continued development and sustainability of the telecommunications sector in Chile.
José María Álvarez-Pallete, Chairman and CEO of Telefónica
By jointly exploring this opportunity, we aim to enhance the digital infrastructure in Chile, benefiting consumers and businesses alike.