Mexican based, America Movil said it has agreed to buy back AT&T’s 8.27 percent stake in the company ending a 20 year partnership between the two.
The move enables AT&T to secure regulatory approval for its proposed takeover of DirecTV.
Its shareholders Inmobiliaria Carso and Control Empresarial de Capitales will buy the shares from AT&T International for USD 5.57 billion. AT&T said it expects to realise a profit of 8-10 cents a share from the sale, depending on the final tax on the sale.
AT&T and Alfa have reached an agreement for Alfa to acquire AT&T’s 49 percent stake in Mexican fixed-line operator Alestra. Following the completion of the acquisition, Alfa will be the sole shareholder of Alestra.
The Mexican operator will continue to provide IT and telecoms services to a full set of enterprise clients such as the corporate enterprise market, public and institutional sectors and SMBs in Mexico. In parallel, AT&T plans to continue to offer a comprehensive suite of enterprise communications services to multinational enterprise customers through its subsidiary AT&T Global Network Services Mexico. The equity sale is scheduled for completion in the second quarter, subject to regulatory approvals from Mexican authorities. Financial details related to the transaction have not been disclosed.
See the Alestra record in Latin Target.
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