AT&T to Sell Puerto Rico and U.S. Virgin Islands Operations

Date : 10/09/2019 @ 12:57PM
Source : Dow Jones News
Stock : AT&T (T)
Quote : 37.18  -0.82 (-2.16%) @ 12:59AM
After Hours
Last Trade
Last $ 37.00 ▼ -0.18 (-0.48%)

AT&T to Sell Puerto Rico and U.S. Virgin Islands Operations

AT&T (NYSE:T)
Historical Stock Chart

2 Months : From Sep 2019 to Nov 2019

Click Here for more AT&T Charts.
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 shalini.ramachandran@wsj.com and Drew FitzGerald at andrew.fitzgerald@wsj.com

 

(END) Dow Jones Newswires

October 09, 2019 08:42 ET (12:42 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest T Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.