DALLAS (dpa-AFX) - AT&T Inc. (T) agreed to sell its Vrio Corp. business unit to Grupo Werthein.
Grupo Werthein is a private holding company that has been doing business in Latin America and internationally for more than 100 years and has extensive experience in telecommunications, finance, insurance, agribusiness and real estate.
Vrio provides live and on-demand video services via DIRECTV Latin America, SKY Brasil and DIRECTV GO. Vrio's entertainment includes sporting events, international content and exclusive programming.
Vrio offers services in Brazil through the SKY brand and in Argentina, Barbados, Chile, Colombia, Curacao, Ecuador, Peru, Trinidad and Tobago and Uruguay through the DIRECTV brand.
Vrio's infrastructure includes satellites and state-of-the-art broadcast centers that carry 4K video formats. Vrio's broadband operations, along with other investments, including Torneos y Competencias in Argentina and WIN Sports in Colombia, will transfer to Grupo Werthein at close.
AT&T said it remain committed to Latin America through its wireless business in Mexico and services for multinational corporations operating in the region.
AT&T and Grupo Werthein will have transition services agreements in place under which AT&T will provide certain services, such as billing, infrastructure and software support, to Grupo Werthein for one to three years after the transaction closes.
The companies expect the transaction to close in early 2022.
AT&T plans to announce second-quarter 2021 results on Thursday, July 22, 2021.
Copyright RTT News/dpa-AFX
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