The Argentine group acquired 100% of Vrio Corp., Directv Latin America’s mother company.
Werthein Group and AT&T announced that Werthein has reached an agreement to acquire the business unit Vrio Corp., mother company of Directv Latin America.
Werthein Group is a private holding company with more than 100 years of experience and a regional and international presence, with experience in telecommunications, the financial market, insurance, agricultural production and real estate.
The agreement, they detailed, is for 100% of Vrio’s capital, which includes Directv Latin America, Sky Brasil and Directv GO. Together they have 10.3 million subscribers and operations in 11 countries in Latin America and the Caribbean.
“Our vision of the future will be to take care of and promote the leading entertainment brands, maintain their leadership and grow in the value proposition, investing in technology and content, aligned with the habits of each of our subscribers and especially, of the new generations” , said Darío Werthein, shareholder of the Werthein Group.
Vrio’s infrastructure also includes state-of-the-art transmission centers and satellites. Vrio’s broadband operations, along with other investments such as Torneos y Competencias in Argentina and WIN Sports in Colombia, will be transferred to Grupo Werthein upon closing of the transaction.
“Vrio has a team of collaborators with a high level of professionalism and dedication and we look forward to continuing to work with them. We are confident that they will remain committed to business success, customer satisfaction and excellent service,” said Werthein.
As noted in a press release, both companies “are committed to making a smooth transition and maintaining the best customer experience.”
After the transaction is complete, Vrio subscribers will continue to have access to the same services, content, the same channel line, content offerings, and the same customer service experience.
“This transaction will allow us to further deepen our focus on investing in connectivity for customers,” said Lori Lee, CEO of AT&T Latin America. “We remain committed to Latin America through our wireless business in Mexico and services for multinational corporations operating in the region,” she added.
The companies expect the transaction to close in early 2022.