AT&T Inc. (NYSE: T) announced the sale of its wireless and wireline operations in Puerto Rico and the US Virgin Islands to Liberty Latin America for $1.95 billion in cash. The deal is subject to review by the FCC and the Department of Justice, and is expected to close within 6-9 months.
At close, approx. 1,300 AT&T employees will move to Liberty Latin America. AT&T will provide transition support functions to Liberty Latin America after the transaction closes in order to enable a smooth transition for customers.
AT&T will retain its FirstNet network core and service capabilities and following the close of the merger, Liberty Latin America will support AT&T’s FirstNet expansion in Puerto Rico and the US Virgin Islands.
John Stephens, CFO said, “This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization.”
AT&T has been trying to reduce its massive debt load after the acquisition of Time Warner. The company has raised $10 billion year to date from asset sales and working capital initiatives. This is ahead of the target of $6 billion to $8 billion it had set for the year.
The company plans to buy back shares in the fourth quarter of 2019 while continuing to reduce debt. AT&T aims to reach a net debt-to-adjusted EBITDA ratio in the 2.5x range this year.
AT&T’s shares were up slightly in afternoon trade on Wednesday.
Cloudera Inc. (NYSE: CLDR) reported a narrower loss in the first quarter of 2021 driven by lower costs and expenses as well as higher revenue. The results exceeded analysts' expectations.
CrowdStrike Holdings Inc. (NASDAQ: CRWD) has witnessed strong momentum with the stock gaining over 96% since the beginning of the year. The company delivered strong results for the first quarter
Internet security has been evolving over time, aided by the rapid adoption of cloud computing, the ubiquity of mobile phones, and the growing threats that cause serious problems to enterprises