America Movil and Telefonica penned a non-binding agreement to explore a potential purchase of WOM Chile’s assets, arguing any move would bolster the nation’s telecoms market as the operator negotiates a Chapter 11 bankruptcy process.
In a joint statement, Telefonica and America Movil explained they would explore options to take part in a sale of WOM’s assets after it sought safe harbour in a US court in April in a bid to remain viable while undertaking refinancing.
Telefonica and America Movil emphasised they “may decide at any time not to submit an offer”, and any move would “be subject to the bidding procedure” and regulations under WOM’s reorganisation procedure.
The operators argued any move for the assets of WOM and its affiliates would benefit consumers in Chile, with healthy competition and continued investment in high-speed connectivity “key to the digitalisation of the country”.
When it filed for Chapter 11 protection, WOM CEO Chris Bannister said the company was committed to “connect millions of Chileans with 5G” as part of a drive to close the digital divide.
Telefonica and America Movil stated an increased “capacity to continue investing and competing in high-speed and coverage networks” is an important element in sustaining Chile’s telecoms sector.
The post America Movil, Telefonica mull WOM asset buy appeared first on Mobile World Live.
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