{"id":17004,"date":"2020-04-30T11:09:29","date_gmt":"2020-04-30T11:09:29","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=279341"},"modified":"2020-04-30T11:09:29","modified_gmt":"2020-04-30T11:09:29","slug":"millicom-faces-telefonica-backlash-over-costa-rica-deal","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/04\/30\/millicom-faces-telefonica-backlash-over-costa-rica-deal\/","title":{"rendered":"Millicom faces Telefonica backlash over Costa Rica deal"},"content":{"rendered":"

<\/p>\n

\tTelefonica threatened legal action against Millicom if it aborts a purchase of the Spanish company’s Costa Rica mobile operations in a deal worth $570 million.<\/p>\n

In a note to the Spanish National Securities Market Commission, Telefonica said Millicom had breached a sale agreement [1] reached in February 2019 by refusing to close the transaction.<\/p>\n

Telefonica stated it informed Millicom of its decision to file a lawsuit with a court in the US State of New York to demand compliance with the contract, and planned to seek compensation for \u201call the damages that this unjustified breach could cause Telefonica\u201d.<\/p>\n

The case will be filed once courts reopen doors for non-emergency actions following the Covid-19 (coronavirus) pandemic.<\/p>\n

Telefonica said it agreed to sell the Costa Rica mobile operation for $570 million, subject to adjustments. It noted the unit was performing strongly, with an operating income of \u20ac235 million ($255.6 million) in 2019.<\/p>\n

Millicom denied Telefonica’s assertion, arguing the deal was still awaiting regulatory approvals, which were due to be issued by 1 May.<\/p>\n

But the company noted if approvals were not granted by that date, it intended to terminate the contract: it pledged to \u201cvigorously defend any action brought by Telefonica in this matter\u201d.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/millicom-moves-on-telefonica-central-america-units\/<\/p>\n\n

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Telefonica threatened legal action against Millicom if it aborts a purchase of the Spanish company’s …<\/p>\n

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