AT&T to sell certain assets in Puerto Rico, US Virgin Islands for $1.95bn

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AT&T to sell certain assets in Puerto Rico, US Virgin Islands for $1.95bn

On Wednesday, the 9th of October 2019, AT&T Inc., the Dallas, Texas-based US conglomerate primarily engaged in wireless and wireline operations, told that it would be selling certain assets of its operation in Puerto Rico and US Virgin Island to a Bermuda-based wireless carrier Liberty Latin America Ltd.

For a lump sum of $1.95 billion. In point of fact, latest sell off of AT&T’s wireless and wireline operations in US Virgin Island and Puerto Rico, had been widely contemplated as a hawkish move of the United States’ No.

2 wireless carrier, which had been dwindling to cut its huge stack of debt-pile. Aside from that, latest AT&T deal came forth following earlier calls of one of its influential stakeholders, activist investor Elliott Management, which had urged the company later last month to end its acquisition mania and to centre its focus more onto improving its core business components.

Aside from that, adding that Wednesday’s (October 9th) dramatic move to downsize the company was aimed at curbing out its growing debt-piles, AT&T CFO (Chief Financial Officer) John Stephens said in a statement late on Wednesday (October 9th), “This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization. ”