Deals
AT&T Looks to Cut Debt With Puerto Rico, Virgin Islands Sale
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AT&T Inc. agreed to sell its operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America Ltd. for $1.95 billion in cash, taking a step toward reducing debt amassed in one of 2018’s biggest merger deals.
The Dallas-based telecom and media giant has been trying to strengthen its balance sheet since taking over Time Warner Inc. last year for $85 billion. “This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization,” John Stephens, AT&T’s chief financial officer, said in a statement.