Argentina-based Werthein Group has acquired Vrio, a business unit of US media giant AT&T. Vrio provides live and on-demand digital entertainment services in 4K format to 10.3 million subscribers in 11 countries through Directv Latin America, SKY Brasil and Directv GO. The company’s assets consist of satellites and transmission centers, and it has 9,000 employees.
This agreement does not include the broadband activities of Vrio in Colombia nor the participation of AT & T in SKY México. The full cost of trading was not disclosed, but AT&T reported losses of $ 4.6 billion for assets under negotiation, of which $ 2.1 billion was due to conversion adjustments of currencies. AT&T will continue to support Werthein Group with billing, infrastructure and software for a period of one to three years. For Werthein Group, the agreement represents his return to the telecommunications sector, in which it previously participated through Telecom Argentina. The transaction, which remains subject to usual conditions, should be finalized in early 2022.
AT&T was advised on the transaction by Sullivan & Cromwell. The buyer has been advised by a number of companies including Skadden; Bruchou, Fernández Madero & Lombardi; Demarest Avocats; Carey; Rodrigo, Elias & Medrano Abogados; Posse Herrera Ruiz; Bustamante & Bustamante; D’Empaire, BSZE; Chancellery rooms; Guyer & Regules, and Pollonais, Blanc, de la Bastide & Jacelon.
The Pollonais, Blanc, de la Bastide & Jacelon team was led by Ranjana Rambachan, partner, who acted as legal advisor for the conduct of due diligence, advice and filing of regulatory requests, general areas of advice in matters of enterprise and intellectual and commercial property and all other fields. legal advice associated with the Trinidad and Tobago transaction.