Historical Stock Chart
2 Months : From Sep 2019 to Nov 2019
By Shalini Ramachandran and Drew FitzGerald
AT&T Inc. has agreed to sell its Puerto Rican and U.S. Virgin Islands businesses to Liberty Latin America Ltd. for $1.95 billion in cash, a move that could allow the telecommunications giant to shave its debt load, according to a person familiar with the matter.
The companies plan to announce the deal as soon as Wednesday morning, this person said.
AT&T's operation in Puerto Rico provides cellular, landline and internet connections. The company was initially seeking a valuation of closer to $3 billion for the Puerto Rican assets, this person said.
Liberty is already the biggest pay-TV and broadband provider on the island. Cable tycoon John Malone, who holds a 25.5% voting stake in Liberty Latin America, and Liberty Latin America CEO Balan Nair have told investors they would like to expand in the region through disciplined M&A.
Liberty plans to finance the cash deal in large part by raising debt against the combined Puerto Rican operation, the person said.
Write to Shalini Ramachandran at email@example.com and Drew FitzGerald at firstname.lastname@example.org
(END) Dow Jones Newswires
October 09, 2019 08:42 ET (12:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.