Cable & Wireless Panamá to Acquire América Móvil’s Panama Operations

COMBINATION TO IMPROVE COVERAGE AND CUSTOMER EXPERIENCE

GREATER INVESTMENT IN NETWORKS AND INNOVATION

Denver, Colorado – September 15, 2021: Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced that its 49%-owned subsidiary Cable & Wireless Panamá S.A. (“Cable & Wireless Panamá” or “Más Móvil”), has agreed to acquire América Móvil S.A.B. de C.V.’s (“AMX”) operations in Panama (“Claro Panamá”). The all-cash transaction values Claro Panamá at an enterprise value of $200 million on a cash- and debt-free basis. This equates to a mid-single digit acquisition multiple of Claro Panamá’s fiscal year 2020 Adjusted OIBDA¹, including projected annual run-rate synergies².

Balan Nair, President and CEO of Liberty Latin America, commented, “We are delighted to further increase our commitment to Panama through today’s announced acquisition of Claro Panamá. The integrated business will operate over a network with extensive coverage and invest to deliver innovative mobile products and services for Panamanian consumers and B2B customers, including via leading technologies such as 5G. We at Liberty Latin America have established our group Operations Center in Panama and see the country as an important digital hub for the region, which we expect to drive growing demand for our full suite of mobile and fixed connectivity solutions. The valuation for the acquisition is consistent with our disciplined approach towards M&A and will be free cash flow accretive on a per share basis.”

For the most recent fiscal year ended December 31, 2020, Claro Panamá generated $157 million of revenue³ and as of June 30, 2021, the business had 760 thousand mobile subscribers⁴.

The acquisition (including fees and expenses) is intended to be financed using cash and incremental borrowings at Cable & Wireless Panamá. Completion of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2022.

Advisory services to Cable & Wireless Panamá on the transaction have been provided by LionTree.