Liberty Latin America, a telecommunications company with operations in Chile, Puerto Rico, the Caribbean and other parts of Latin America, agreed to acquire AT&T’s operations in Puerto Rico and the US Virgin Islands for $1.95bn. “This strategic and complementary acquisition is an exciting and unique opportunity to expand our business in one of our best markets. This acquisition is at an attractive valuation, in the mid-6s in terms of EV to OCF1 excluding synergies, and consistent with our disciplined approach towards M&A. With this combination, we will achieve: in-market consolidation with significant associated synergies, expand our product portfolio with the leading post-paid mobile network, add a predominantly subscription-based business, increase our distribution channels on the island, increase our B2B presence and materially increase our US dollar revenue weighting at LLA.” Balan Nair, President and CEO of Liberty Latin America. On October 26, 2020, the US Department of Justice approved the acquisition.