US firms Fried Frank Harris Shriver & Jacobson and Greenberg Traurig have advised on a $1.36bn (£937m) cross-border telecommunications acquisition in one of the largest deals to hit the Latin American market in recent months.

The deal sees Spain’s Telefonica Moviles, a subsidiary of national giant Telefonica, purchase a 65% stake of Mexican wireless telecommunications operator Pegaso Telecomunicaciones.