Mexican tycoon Carlos Slim has bought out US telephone operator AT&Tís $5.6 billion stake in telecommunications firm America Movil, the companies have announced.
The acquisition of AT&Tís shares in the company represent 8.27% of America Movilís capital stock, according to a company statement. ďUpon consummation of the transaction authorised today by the board of directors, AT&T will no longer be a shareholder of America Movil,Ē it added.
The transaction involved selling all of AT&Tís 72,822,656 Series L shares of America Movil and its 5,739,341,928 Series AA shares of the company to Slimís 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.