Liberty Latin America Ltd. (NasdaqGS:LILA) entered into an agreement to acquire Telefónica de Costa Rica TC, S.A. from Telefónica, S.A. (BME:TEF) for an enterprise value of $500 million on July 30, 2020. The enterprise value of the transaction is $500 million on a cash free debt free basis. The transaction is expected to be financed with incremental local borrowings and borrowings at VTR Finance N.V. The remaining funding is anticipated to come from Liberty Latin America liquidity including future free cash flow generation as well as other forms of debt and or equity capital. As part of the financing for acquisition of Telefónica Costa Rica Liberty Latin America announced a $350 million rights offering on August 5, 2020. The transaction is subject to certain closing conditions including relevant regulatory approvals and antitrust approval. As of December 11, 2020, Competition and Markets Authority has referred the anticipated joint venture between Liberty Global plc and Telefónica S.A. for an in-depth Phase 2 investigation. As per disclosure of April 14, 2021, The CMA has provisionally cleared the anticipated joint venture between Liberty Global Plc and Telefónica S.A. As of June 2, 2021, Costa Rica’s Superintendency of Telecommunications (Superintendencia de Telecomunicaciones, Sutel) has approved the acquisition. As of August 2, 2021, Costa Rican President, Carlos Alvarado Quesada approves the sale. The Superintendent of Telecommunications (Sutel) also determined there was no evidence the transaction would produce any anti-competitive effects and approved the transaction without conditions. Transaction to close by mid-August 2021. The transaction is expected to close in the first half of 2021. The transaction implies a multiple of approximately 7.4 times 2019 OIBDA. JP Morgan, LionTree and Scotiabank provided advisory and financing services to Liberty Latin in the transaction. Citigroup Inc. acted as financial advisor to Telefónica, S.A. Antonio del Pino, Ignacio Pallarés, Jordi Dominguez and Jeff Tochner of Latham & Watkins LLP acted as legal advisors to Telefónica, S.A. Jonathan Gordon, Nicole Perez, John Kaercher, Jon Lobb, Gail Stewart, Krisa Benskin, Robert Wann, Paul Cuomo, David Cardwell, Rich Harper, Amy Pharr Hefley and Tom O’Brien of Baker Botts L.L.P. and EY Law acted as legal advisors to Liberty Latin America Ltd. Liberty Latin America Ltd. (NasdaqGS:LILA) completed the acquisition of Telefónica de Costa Rica TC, S.A. from Telefónica, S.A. (BME:TEF) for approximately $540 million on August 9, 2021.