Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised WorldCom, Inc. (MCI) in its definitive agreement to sell MCI’s investment in Embratel Participações to Teléfonos de México (TELMEX) for $360 million in cash. Completion of the sale is subject to approval by the U.S. Bankruptcy Court and Brazilian regulatory authorities. The TELMEX offer was approved by both the MCI Board of Directors and the Official Committee of Unsecured Creditors.
WorldCom, Inc. (WCOEQ, MCWEQ), which, together with its subsidiaries, currently conducts business under the MCI brand name, is a leading global communications provider, delivering innovative, cost-effective, advanced communications connectivity to businesses, governments and consumers. TELMEX is Mexico’s leading telecommunication company, with 15.4 million lines in service, 2.2 million lines for data transmission and 1.4 million Internet access accounts. Embratel is a leading telecommunications provider in Brazil offering local and long distance telephony, data transmission and satellite communication services.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,100 attorneys, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Silicon Valley, Singapore, Warsaw and Washington, D.C.
FOR THE SELLERS:
WorldCom (MCI) internal counsel
Stasia Kelly – General Counsel; Nicole Jones – VP, Corporate & Securities; Roland Behm – Director, International Corporate/M & A; Bob Lacy – VP, WorldCom Latin America
Weil, Gotshal & Manges LLP
Corporate, New York
Partner: Frederick S. Green
Associates: Stuart C. Hirsch, Andrew J. Yoon, Cinthia J. Trajtenberg