Liberty Latin America to open operations centre in Panama City
Liberty Latin America has confirmed plans to establish its new operations centre in Panama City, Panama.
The new facility will enable the company to use its scale and expertise and provide future growth opportunities to its employees.
“Selecting Panama City as the location for our operations centre reinforces our strategy to drive operational efficiencies across our platform to support our organic growth over the coming years, said Betzalel Kenigsztein, COO of Liberty Latin America. “We look forward to leveraging Panama’s economic stability and its profile as a logistics hub in the region with great physical and digital connectivity to continue to deliver innovative products and services to our customers.”
In addition, the new centre is expected to generate more than 500 new jobs over the next five years and will be developed under Panama’s Multi Headquarters (MHQ) platform, which gives significant financial, immigration and labour incentives to companies.
The centre is due for launch in late 2019.
Last month Liberty Latin America ended discussion to try to buy Millicom and agree a deal. Negotiations broke down because Liberty Latin America was unable win over Millicom’s management with a takeover bid that values the company at $7.6 billion. Millicom’s management are said to be pushing for an offer with a higher cash premium from Liberty Latin America.
The news comes a week after Liberty Latin America confirmed that it has submitted a proposal to buyout Millicom. At the time LLA said that no “definitive decision has been made”. While Millicom said, there was no guarantee that a transaction would materialise.