In a call with analysts to discuss the company’s quarterly results, Liberty Latin America CEO Balan Nair said the DISH acquisition should close during the third quarter adding it “is an exciting addition and catalyst here.”
The decision comes eight months after the parties applied for the spectrum license assignments.
The Federal Communications Commission has given its go-ahead to an application by Liberty Latin America and DISH Network Corp. to assign spectrum licenses from DISH to Liberty Mobile Puerto Rico and Liberty Mobile USVI Inc.
The approval, which comes eight months after the application was submitted, allows Liberty Mobile to acquire spectrum held by DISH subsidiaries in Puerto Rico and the USVI. The $256 million transaction, announced on Nov. 5, 2023, also includes the transfer of approximately 120,000 subscribers from DISH’s Boost Mobile and Gen Mobile in these territories.
“After carefully evaluating the potential competitive effects of the proposed assignments, we find that the likelihood of competitive harm is low,” the FCC stated in its declaratory ruling released Aug. 8. “We find that the transaction will not lead to an undue increase in the market share of Liberty, nor do we find that the increase in Liberty’s spectrum holdings, though above the spectrum screen trigger, is a reason for denying the applications in this case.”
Liberty Latin America also filed a petition to allow foreign ownership above the 25% limit, which the agency granted, determining that “the public interest would not be served by prohibiting foreign ownership” of the licenses. Liberty Latin America is registered in Bermuda and has several subsidiaries, including the Puerto Rico and USVI operation.
“We further find some public interest benefits are likely to be realized as a result of the transaction, such as enhanced competition in Puerto Rico and the USVI by providing Liberty with the additional spectrum resources necessary to increase network capacity, improve service quality, and compete more effectively. For these reasons, we find that the public interest will be served by granting the applications,” the FCC stated.
In a call with analysts to discuss the company’s quarterly results, Liberty Latin America CEO Balan Nair said the DISH transaction should close during the third quarter and that it “is an exciting addition and catalyst” for growth.
Nair added that, “upon completion, this transaction will provide us with valuable spectrum that will allow us to add more capacity, increase speeds and further strengthen our 5G mobile network, as well as increase our scale in the prepaid market.”
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
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Publish date : 2024-08-11 22:03:00
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