DALLAS (dpa-AFX) - AT&T Inc. (T) said it plans to sell the company's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America. AT&T will receive $1.95 billion in cash. The deal includes network assets, including spectrum; real estate and leases; customers, including 1.1 million wireless subscribers; and contracts.
'This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization,' said John Stephens, AT&T CFO.
To attain its de-leveraging goal, AT&T plans to use free cash flow after dividends and to continue monetization initiatives.
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