Deals
Slim Agrees to Buy AT&T Stake in America Movil for $5.6 Billion
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Billionaire Carlos Slim will buy out AT&T Inc.’s stake in America Movil SAB for $5.57 billion, propping up his Latin American mobile-phone company’s stock price as his longtime partner from the U.S. exits the business.
Slim’s holding company, Inmobiliaria Carso, told America Movil’s board it will acquire AT&T’s 8.3 percent stake, which includes 24 percent of the company’s voting shares, according to a filing yesterday. AT&T will receive $4.57 billion at the close of the sale and another $1 billion within 60 days of the closing, the Dallas-based company said in a separate filing.