AT&T
plans to sell its wireless and wireline operations in Puerto Rico and
the U.S. Virgin Islands to Liberty Latin America for $1.95 billion cash.
The transaction includes network assets, including spectrum; real
estate and leases; customers, including 1.1 million wireless
subscribers; and contracts.
The transaction is subject to review by the FCC and the Department of
Justice. The two companies expect the deal to close within six to nine
months.
AT&T CFO John Stephens said the deal is the result of the carrier’s
ongoing strategic review of its balance sheet and assets to identify
opportunities for monetization. “But doing so only made sense if we
received a fair value from a buyer that is committed to taking this
well-run business, with its skilled employees and loyal customer base,
and help it thrive. Liberty Latin America has a strong reputation for
quality of service, and we believe they have the experience to build on
the success of these operations.” Continue Reading
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