DEAL OF THE YEAR: Domestic M&A Deal

DEAL OF THE YEAR: Domestic M&A Deal

Colombia M&A Corporate & Sovereign Strategy

Merging the Telefónica Móviles Colombia wireless unit and the fixed-line operations of Colombia Telecomunicaciones (Coltel) seemed a clear way to face the challenge from competitors that had already integrated their fixed and mobile operations. But this was no simple company reorganization. The government – which held 48% of Coltel – would have to be involved. That meant compensation and negotiations over the stake in the combined entity, not to mention the authorization process. Spain’s Telefónica held the remaining 52%. There were also debt obligations to divide. These included some 3.5 trillion pesos ($1.91 billion) owed to the Patrimonio Autónomo Receptor de Activos (Parapat), a trus

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