AT&T to sell Puerto Rico business as it looks to pay down debt

close video US Appeals Court upholds AT&T deal to buy Time Warner FBN’s Charlie Gasparino on Wall Street concerns about the 2020 election and a U.S. Appeals Court upholding the AT&T deal to buy Time Warner. AT&T has agreed to sell its Puerto Rican and U.S. Virgin Islands businesses to Liberty Latin America Ltd. for $1.95 billion in cash, allowing the telecommunications giant to shave its debt load and move closer to repurchasing shares. Continue Reading Below AT&T’s operation in Puerto Rico provides cellular, landline and internet connections. It had 1.1 million wireless subscribers. As part of the deal, about 1,300 AT&T employees will be transferred to Liberty Latin America. The two companies said they expect the deal to close within six to nine months. The Wall Street Journal earlier Wednesday reported the companies had agreed to a deal. Puerto Rico and the U.S. Virgin Islands account for a small sliver of AT&T’s domestic operations, but shedding the unit will help it work down a large debt load accumulated through its $80 billion-plus acquisition of Time Warner last year. GET FOX BUSINESS ON THE GO BY CLICKING HERE The deal signals progress on AT&T’s goal of selling noncore assets, something… Read full this story

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