The plenary session of the Federal Institute of Communications (IFT) approved the purchase contract for Fox Sports in Mexico Grupo Le Mans, Owner Finance.
“Yesterday’s general meeting approved the share purchase agreement submitted by the Disincorporation Agent on May 21, 2021, in accordance with the provisions of paragraph 126.96.36.199 of the Resolution, concluded between the 21CF subsidiaries and Laman Holdings Group),” the TRA detailed through a statement.
The IFT General Assembly commented that the share purchase agreement between subsidiaries of the Lauman Group and 21CF (Fox) was not identified as containing elements or clauses that could generate risks in terms of economic competition.
IFT reported that completion of the said contract on its terms is expected to move Fox Sports’ Mexico business, which is viable, competitive and independent of Disney/21CF, at a similar level to that of the one it was managing. Before closing the Disney/21CF run.
Likewise, the General Assembly decided that the focus reported by the Lauman Group and the 21CF was not expected to have or might have the purpose of granting significant power to the Lauman Group of Economic Interests (GIE), or creating barriers to entry, and preventing third parties from accessing markets and services analyzed and/or facilitate the practice of prohibited behaviours.
Finally, IFT said that as long as Fox Sports’ Mexico’s assets are not completely transferred to the Lauman Group, and therefore, the proposed transaction is amortized, including changing control of Fox Sports in Mexico. . The structural conditions stipulated in the decision may not be considered fulfilled.
The sale of Fox Sports in Mexico was one of the conditions set by the institute’s plenary session to Disney and 21CF on March 11, 2019 for the merger of Disney and 21CF.
Consequently, Disney and 21CF remain obligated, among other things, not to take any action that would harm the demerger or complete it in the most expeditious manner possible.