Mexican telecoms giant America Movil, controlled by the family of billionaire Carlos Slim, has agreed to sell its Claro Panama unit to Cable & Wireless Panama, a unit of Liberty Latin America, for $200 million.

The transaction excludes the telecommunications towers indirectly owned by America Movil in Panama, and the Claro brands.

“The all-cash transaction values Claro Panama at an enterprise value of $200 million on a cash-and-debt-free basis,” said Liberty Latin America in a separate statement.

Liberty Latin America said the acquisition, including fees and expenses, is intended to be financed using cash and incremental borrowings at Cable & Wireless Panama.

Claro Panama generated $157 million of revenue for the fiscal year ended December 31, 2020. The business had 760,000 mobile subscribers as of June 30, 2021.