Arias, Fábrega & Fábrega acted as counsel to Multi Holding Corporation in connection with the US$832 million sale of its equity interests in BellSouth Guatemala and BellSouth Panamá to Telefónica Móvil.

The transaction required a restructuring of the Multi Holding Group and a public tender offer process in Panama. At the time, this was the largest acquisition of a Panama-based company in Panama's history.