AT&T to Sell Puerto Rico and U.S. Virgin Islands Operations
09 Ottobre 2019 - 2:57PM
Dow Jones News
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.
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