Carlos Slim buys out AT&Ts $5.6-bn stake in America Movil

Written by AFP | New York | Updated: Jun 29 2014, 07:23am hrs
Mexican tycoon Carlos Slim has bought out US telephone operator AT&Ts $5.6 billion stake in telecommunications firm America Movil, the companies have announced.

The acquisition of AT&Ts shares in the company represent 8.27% of America Movils capital stock, according to a company statement. Upon consummation of the transaction authorised today by the board of directors, AT&T will no longer be a shareholder of America Movil, it added.

The transaction involved selling all of AT&Ts 72,822,656 Series L shares of America Movil and its 5,739,341,928 Series AA shares of the company to Slims holding company Inmobiliaria Carso. AT&T had gradually reduced its stake in America Movil in recent years.

Last year, the American group sold more than 1.5 million shares. The latest operation comes as AT&T seeks to acquire satellite television operator DirecTV for $48.5 billion. The tie-up announced in May would create a potent rival to cable TV giant Comcast, which, itself, hopes to expand its coverage with the pending takeover of Time Warner Cable.