T stock

AT&T announced on Wednesday it plans to sell its Puerto Rico and US Virgin Islands business to Liberty Latin America for almost $2 billion.
The sale is part of an ongoing effort by AT&T to sell-off non-core assets, which activist hedge fund Elliott Management expressed support for when it announced a $3.2 billion stake in the company last month.
The telecommunications provider said the proceeds will help reduce its debt pile and pave the way for more share buybacks.
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AT&T is planning to sell its Puerto Rico and US Virgin Island operations to Liberty Latin America for close to $2 billion, according to a press release published on Wednesday.

The sale includes AT&T’s wireless spectrum, real estate and leases, and 1.1 million subscribers within the two regions.

The deal is part of AT&T’s larger initiative to divest non-core business lines, which activist investor Elliott Management expressed support for in a recent letter to the company’s board.

“This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization,” CFO John Stephens said in a prepared statement.

The company said the proceeds …read more

Source:: Businessinsider – Technology

      

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