AT&T offloads Caribbean assets - Mobile World Live

AT&T offloads Caribbean assets

09 OCT 2019

AT&T revealed plans to sell its mobile and fixed assets in Puerto Rico and the US Virgin Islands to broadband provider Liberty Latin America for nearly $2 billion, as it continues to shed outlying businesses to cut debt.

The $1.95 billion deal includes the handover of AT&T’s network assets; spectrum; real estate and related leases; contracts; and customers, including 1.1 million mobile subscribers.

Some 1,300 AT&T employees will also transfer to Liberty Latin America once the transaction is finalised.

Liberty Latin America CEO Balan Nair said in a statement the addition of AT&T’s assets to its own broadband and TV portfolio “will create a strong and competitive integrated communications player”.

AT&T noted the deal will not affect its commitment to build a dedicated network for emergency responders (known as FirstNet) in either location.

Closing is subject to review by both the US Federal Communications Commission and Department of Justice, but is expected within nine months.

John Stephens, AT&T CFO, noted the transaction stemmed from the operator’s “ongoing strategic review of our balance sheet and assets,” which aims to identify opportunities to raise funds to pay down billions in debt.

Earlier this year, the operator sold its stake in Hulu along with property in New York City. Executives also revealed plans to sell tower assets in the US and Mexico.

Including the Liberty Latin America deal, AT&T said it had completed or announced sales totalling more than $11 billion.

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Diana Goovaerts

Diana joins Mobile World Live as its new US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana comes to GSMA from her former role as Editor of Wireless Week and...

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