América Móvil, S.A.B. de C.V. (BMV:AMX L) reached an agreement to acquire a 99.3% stake in Telefónica Móviles El Salvador, S.A. de C.V. from Telefónica Centroamérica Inversiones, S.L. for approximately $320 million on Jan 24, 2019. The acquisition price includes debt. This transaction is part of the Telefónica Group’s asset portfolio management policy based on a strategy of value creation, improving return on capital and strategic positioning. In a related transaction, América Móvil, S.A.B. de C.V. (BMV:AMX L) reached an agreement to acquire Telefónica Móviles Guatemala, S.A. from Telefónica Centroamérica Inversiones, S.L. for approximately $330 million. The completion of the acquisition is subject to certain customary closing conditions, including regulatory approval. Transaction is expected to close in September 2019. Telefónica, S.A. will use the proceeds from divestment to reduce a debt pile. The transaction is expected to generate capital gains before taxes. As on May 21, 2019, Superintendencia de Competencia (competition authority of El Salvador) disclosed its decision to reject the request to approve the transaction, as it did not meet legal requirements. The decision was informed to América Móvil on April 29, 2019. América Móvil, will however, file for the approval again. As of May 21, 2019, America Movil has affirmed that it is to submit a new request to El Salvador's competition authority. América Móvil submitted the second authorization request to acquire Telefónica on June 27, 2019. On August 26, 2019, The Superintendency of Competition (SC) of El Salvador again rejected the acquisition and warned América Móvil of the need to complete certain information necessary to know the background of the operation raised and required in accordance with the powers provided by law. On September 12, 2019, Superintendencia de Competencia, has rejected a second request. America Movil failed to provide all required information for the agency to authorize this acquisition. Francisco Lopez Mediavilla from Banco Santander, S.A. (BME:SAN) acted as the financial advisor for Telefónica Centroamérica Inversiones, S.L. Citi acted as financial advisor to Telefónica Centroamérica Inversiones, S.L. Nicolás Grabar, Neil Whoriskey, Leonard C. Jacoby, William L. McRae, Arthur H. Kohn, Richard Bidstrup, Charles (Beau) Sterling, Paul V. Imperatore, Jamal Lama, Sabria Cornish, Jane C. Rosen, Shira Borzak, Jaehwan Park, Kylie N. Barza, Bobby Underwood, José Juan Vázquez O. and Jina Davidovich of Cleary Gottlieb Steen & Hamilton, Benjamin M. Valdez Tamayo, Luis Tevez Rivas, Raúl Oswaldo García, Alejandro Hernández and Karen Rosales of Benjamín Valdez & Asociados and Alejandro Penados, David Font, Karina Calderón, Johann Hartleben, Marcela Argueta, Mónica Linares and Julia González of Comte & Font – Legalsa acted as legal advisors for América Móvil. Antonio Del Pino, Juan Picón, José Antonio Sánchez-Dafos, Jordi Domínguez, Jeffrey Tochner, Ignacio Domínguez, Ana González-Linares, Tessa Bernhardt, Ori Assa, Angel Marcial, Francisco Lanusse, Lorenza Molina S., Blanca Vázquez de Castro, Meredith Ward and Mathilda Persson of Antonio Del Pin, Juan Picón and Jose Antonio Sánchez Dafos of Latham & Watkins and Luis Pedro Del Valle, Ximena Tercero, Liz Gordillo Anleu, Florencio Gramajo, Jorge Ordoñez, Francisco Zuluaga, Cindy Arrivillaga, Rosa María Arenales, María Elena Barrientos, Francisco Zuluaga, Lilian Arias, Roberta Gallardo, Luis Barahona, Zygmunt Brett, Morena Zavaleta, Fidel Márquez, Marcela Deras, Flor de María Cortez, Rolando Alvarenga, Roberto Bonilla, René García, Marcela Canjura and Adriana López of Arias acted as legal advisors for Telefónica Centroamérica Inversiones, S.L. and Telefónica. América Móvil, S.A.B. de C.V. (BMV:AMX L) cancelled the acquisition of a 99.3% stake in Telefónica Móviles El Salvador, S.A. de C.V. from Telefónica Centroamérica Inversiones, S.L. on September 3, 2020. Transaction was cancelled due to regulatory hurdles.