Liberty Latin America to Acquire AT&T’s Operations in Puerto Rico & The U.S. Virgin Islands

Denver, Colorado – October 9, 2019: Liberty Latin America Ltd. ("Liberty Latin America" or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced it has entered into a definitive agreement to acquire AT&T Inc.’s (AT&T) wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands (the “Acquisition Assets”). In the all-cash transaction, the Acquisition Assets are valued at an enterprise value of $1.95 billion on a cash-and debt-free basis.

Balan Nair, President and CEO of Liberty Latin America, commented, “This strategic and complementary acquisition is an exciting and unique opportunity to expand our business in one of our best markets.This acquisition is at an attractive valuation, in the mid-6sin terms of EV to OCF¹ excluding synergies,and consistent with our disciplined approach towards M&A. With this combination, we will achieve:in-market consolidation with significant associated synergies, expand our product portfolio with the leading post-paid mobile network, add a predominantly subscription-based business, increase our distribution channels on the island, increase our B2B presence and materially increase our US dollar revenue weighting at LLA.”

He further added, “The combination of AT&T’s leading mobile businesses with Liberty Puerto Rico’s leading high-speed broadband and TV business will create a strong and competitive integrated communications player, with a combined annual revenue of over $1.2 billion² in Puerto Rico and $4.6 billion² across LLA. By continuing to invest in digital infrastructure, innovation, 5G networks and a friendly customer service experience, we are confident that this new combination will support our long-term growth profile and that this deal will be free cash flow accretive on a per share basis.”